Parties to a Trust 
Settlor: A person who transfers his assets out of his name and into a trust.
Beneficiaries: Named persons who will benefit in some way from the trust asset.
Life Tenant: A person (beneficiary) who will have the right to enjoy the trust asset during his lifetime but will never own the asset or have control over it.
Trustee: A person who is responsible for looking after the assets and legally obliged to ensure all the trust deed requests are complied with. By law the trustee has a similar role as a company director.
Protector: A person appointed by the Settlor to oversee the trustees' decisions. He has no authority over the trust but acts as an advisor to the trustee.
Professional Advisors: Such an advisor may be appointed to provide independent and professional investment and legal advice to the trustee where needed.