A simple guide to Trusts – How to protect your wealth
What are trusts?
A trust is a legal arrangement which comes into effect when a ‘settlor’ places money, land or other assets in the hands of trustees. The trustees are responsible for managing the property for the benefit of a person or a group of people (‘the beneficiaries’) and to act in accordance with the wishes of the settlor.
Why set up a Trust?
There are many situations in which creating a trust may benefit you and your loved ones; you may want to ensure that assets are properly managed until your children or grandchildren reach such an age that they financially responsible. During the trust period, you may want to allow your trustees to use the trust property for your children’s benefit, for example to pay tuition fees.
Our dedicated team of specialist lawyers can provide bespoke advice on creating and managing a trust to suit your own individual needs.
A trust is also a useful vehicle of reducing the amount of Inheritance Tax which may be due from your estate.
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FAQs on Trusts
Whether you are thinking about creating a trust or simply want to gain a better understanding of trusts, our FAQ page on trusts is designed to provide helpful information and answers to common questions.
Trusts Deeds
Trust deeds are also called a declaration of trust. This serves as proof of the existence of the trust and helps to ensure that the assets are managed and distributed according to the grantor’s wishes.
Life Interest Trust
Where a property is owned jointly, it is worth considering whether you should create a life interest trust on the death of the first joint owner. This would usually be set out in your will. This note explains how that can be done and the