CREATING A TRUST
A trust is a legal relationship which is created (in lifetime, or on death) when a person (settlor) gives property 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 solicitors are highly experienced in drafting Trusts that provide you with peace of mind for the future, and giving security to your loved ones.
You can create a trust fund by setting up a trust for a number of reasons, including:
- to control and protect family assets
- when someone’s too young to handle their affairs (usually under the age of 18)
- when someone cannot handle their affairs because they’re incapacitated
- to pass on assets while you’re 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 trust accounts and reviewing the strategies chosen for the investment of the assets held in 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, and the beneficiaries are entitled to expect that the trustees will manage the trust property for their benefit.
There are various types of trusts, including:
- Compensation protection
- Will trusts
- Life interest
- Discretionary trusts
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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