Trusts can be a useful tool to make sure that your assets benefit the people you want in the way that you want.
Our experienced team can help you create a trust and help trustees with the ongoing administration of a trust.
What is a trust?
A trust is any arrangement where a trustee holds assets on behalf of beneficiaries.
There are different types of trusts depending on whether the trustees have the power to choose between beneficiaries (a discretionary trust), or whether beneficiaries have shares fixed from the outset (an interest in possession or relevant property trust).
When could a trust be useful?
Trusts can be ensure that when you give your assets away, you retain some control of how the assets are used. For example, they can be used to ensure that the people you want to benefit receive the assets and that the assets are used how you want them to be (e.g. to help the beneficiary with the costs of education, not to spend on partying).
Trusts can be helpful in many situations, including when beneficiaries :
- Financially vulnerable or untrustworthy;
- Disabled; or
- Receiving means-tested benefits.
Trusts can also be useful in for tax planning.