A trust is an arrangement where property, or other assets, are held by one or more people (the “Trustees”) for the benefit others (the “beneficiaries”). You can create a trust for your own benefit or for the benefit of someone else. Trusts can be set up during a persons lifetime, or instructions can be left in your Will to create a trust.
People set up trusts for various reasons. These include:-
- To give money to children who are too young to look after it (for example grandparents wishing to set money aside for grandchildren)
- To keep control of money/assets given as a gift to ensure it is spent/invested correctly
- So someone else can look after your property for you if you likely to be unable to look after it later yourself because of illness or disability, or for the benefit of another person who may suffer from an illness or disability.
- To ensure Personal Injury Compensation is kept separate, so it does not affect certain state benefits
- To reduce potential tax liabilities.
- To make sure any inheritance you wish to leave your family is protected (for instance if your spouse remarries after your death, or against exposure to residential home fees).
We can assist in the establishment of a Trust, advise Trustees about their roles and responsibilities and we also act as professional trustees and manage the trusts themselves.