Dudley Building Society has published a guide explaining how trusts can be used to protect savings, support relatives and pass wealth between generations.

The Trust Savings Guide is aimed at customers who are uncertain about whether a trust is suitable for their circumstances.

It explains in plain English the different types of trusts, how trust savings accounts operate, when they may be appropriate and how to open an account with the society.

The guide will be available online and in branches, where staff can use it during discussions with customers considering trusts as part of their financial planning.

Dudley said trusts were not limited to wealthy families or complex legal arrangements. They can also be used to help children or grandchildren, support vulnerable relatives, protect family assets, manage compensation payments and determine how wealth is passed between generations.

The society said a lack of understanding remained one of the main barriers preventing people from considering trusts.

Simon Dodd, head of products and marketing at Dudley Building Society, said: “One of the biggest misconceptions about trusts is that they’re only relevant if you’ve built up significant wealth.

“However, many people reach a point where they simply want greater certainty over what happens to their savings, whether that’s helping grandchildren, supporting someone who can’t manage money themselves or making family arrangements a little clearer.

“Too often, people don’t explore trusts because the language feels intimidating before they’ve even had the chance to understand the basics. We wanted to change that.

“Rather than asking people to work their way through technical guidance, we’ve created something that starts with the questions customers actually ask and explains the answers in an easy to digest way.

“Better understanding leads to better conversations, and better conversations help people make decisions that are right for their own circumstances.”