Trusts seem complicated however they are not. All assets when placed into a Trust can only be received by the Beneficiaries and it is almost like you having your own safe. YOU HOLD THE KEY.
Your assets always remain in your possession (technically owned by the Trust so that nobody can gain access) and it is only once you have passed, that the key is then transferred so that others whom you nominate can benefit from the Trust
Example: If you have assets of over £23,000 (January 2021) the government would take your house and use it to pay for any residential care that you may require.
If you were to have your property put into a Trust, then this asset is ignored (all assets are ignored) and you would not have to pay for the residential care as your house would remain in the Trust until you passed or decided to do something else with it
You can place almost anything into a Trust for various reasons that will assist you with inheritance tax planning.
