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The following information must not be considered legal advice and is intended to give a simple overview to a sophisticated topic. You should consult your own professional advisers to seek detailed clarification of any matter raised. FACCS cannot provide legal advice.
A "Trust" holds property "in trust" for a natural person or persons, or for an incorporated body. In other words it may hold certain assets in trust for those people who benefit from the arrangement - called the "beneficiaries". It actually does not own the property - it's just holding on to it in trust - hence the name.
A Trust requires a Trustee, which is frequently an incorporated body, but could also be a natural person. The Trustee must direct the affairs of the Trust according to the Trust Deed.
If the Trustee of the Trust is a company, then the Trust can also be provided with most of the advantages of company status including perpetual succession of the Trustee (it doesn't die!), limited liability as far as the Trustee is concerned etc. The use of a Company Trustee also facilitates control over the Trust because whoever controls the Trustee Company controls the Trust.
Non-professional people sometimes become confused about the relationship between the Trust and the Trustee because different people give them different advice.
Lawyers claim that a Trust and the Trustee-of-the-trust are one and the same thing. They say this because the Trust cannot act without the Trustee and the Trustee acts only according to the Trust Deed.
Accountants claim that they are different entities because they are required to complete different accounting returns.