There are many advantages to making a trust to protect or pass on assets - whether you do this during your lifetime or as part of your will.
What is a trust?
A trust arises when property - often land or investments but not always - (‘the Trust Fund’) is transferred to other people (‘the Trustees’) who hold it for the benefit of other people or an organisation (‘the Beneficiaries’).
Trusts can be created during a person’s lifetime by deed (usually called ‘a Settlement’), or contained in a person’s will.
A Trust can also come into existence by law for example when someone dies without leaving a will.
The most common types of trust arise when someone wishes to preserve the property for later generations or when someone who might otherwise be given property needs help in managing that property. But trusts can be created for many other purposes.
The Trustees are responsible for the administration of the trust fund in accordance with the terms of the settlement or will and the laws and regulations that exist at the time.
How our trusts solicitors can help
We can advise you on whether it is appropriate to set up a trust, on how to administer a trust and on its eventual winding up. We can also explain in general terms how trusts are dealt with by HMRC for tax purposes although we often involve specialist accountants in this.
We can provide solicitors to act as the trustees if there are no other suitable alternatives.