CREATING A TRUST
A Trust is a legal relationship which is created (in lifetime, or on death) when a person (settlor) gives property or other assets to another person (trustee) to hold for the benefit of a third person (beneficiary or beneficiaries).
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Placing your assets in a Trust (also known as creating a trust fund) is an effective means for you to provide for beneficiaries of your choice. It also acts as a way in which you can protect various assets. Our experienced Solicitors are highly experienced in drafting Trusts that provide you with peace of mind for the future and supplying additional security to your loved ones.
A Trust can be used to pass on your assets in the way that you wish. They can be set up in your lifetime or can be included within your Will. Different types are used depending on the circumstances and what you want to do with your assets.
Whether you plan to set up a Trust or have become a Trustee, you have responsibilities that require exceptionally careful consideration. If you have become a Trustee, your duties will include managing the assets in the Trust and ensuring that any decisions surrounding said assets is done so in the best interests of the beneficiaries. The terms of the Trust will differ depending on the type it is and the individual circumstances.
Whatever your needs, our team of professionals can advise you on how a Trust works as well as the tax implications of setting one up. We can also review an existing Trust and give you a clear understanding of your legal duties and responsibilities.
You can talk to us in the strictest confidence and we will work with you to achieve the best results tailored for your situation.
You can create a Trust fund by setting one up for a number of reasons, including:
- to control and protect family assets
- when someone is too young to handle their affairs (usually under the age of 18)
- when someone cannot handle their affairs because they are incapacitated
- to pass on assets while you are still alive
- to pass on assets when you die
We can provide assistance with the day-to–day administration of a Trust, including making distributions to beneficiaries, handling requirements in relation to accounts and reviewing the strategies chosen for the investment of the assets held within the Trust.
The key characteristic of a Trust is that it permits the separation of legal ownership and beneficial interest. The Trustees become the owners of the Trust property as far as third parties are concerned. The beneficiaries are therefore entitled to expect that the trustees will manage the property for their benefit and retain its value.
There are various types of Trusts, which include:
- Compensation protection
- Life interest
Our team of Private Client professionals are here to advise you further. So, if you are looking to set up a Trust, or are a Trustee, then please get in touch to discuss how we can help you.
Deciding which trust is the right one for you, who should benefit from the trust and setting it up can be quite complex. If you would like to create a trust, we can help you keep it simple and make sure your best interests are represented.
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