Trusts
The term ‘Trust’ refers to when a person gives assets to another person to look after for the benefit of a third person.
How Do I Know Which Trust I Need?
As Trusts are tailored to your specific needs, the process of deciding which one is right for you can be quite challenging. With our expertise, we can help you to keep it simple and work in your best interests.
Creating a Trust Fund is what placing your assets into a Trust is commonly known as. This allows you to protect your assets, and provide for certain beneficiaries. It gives you peace of mind for the future as well as additional security for your loved ones.
You can choose to set up the Trusts in your lifetime, or you can include them in your Will. Either way, they’re a great way to allow you to pass on your assets exactly how you wish. There are different types of Trusts depending on your individual circumstances.
Different types of Trusts include:
Will
Lifetime
Life interest
Discretionary
If you have been appointed as a Trustee, you’ll need to ensure that any decisions surrounding the assets in the Trust are made in the best interests of the beneficiaries.
Whether you are creating a Trust or have become a Trustee, we can advise you on every point from how a Trust works to your duties. Our services are offered in a professional and confusion-free manner, so you know exactly what you’re dealing with at every point.
Why Might A Trust Fund Be Needed?
The main reason Trust Funds are created are for the benefit of loved ones and children. This includes:
If someone is too young to handle their own affairs (e.g. children under 18)
If someone lacks the mental capacity to handle their affairs
To distribute your assets while you’re still alive as well as when you die
We’re here to support you with the daily administration of a Trust, which can include Trustee duties such as distributing assets to the beneficiaries and handling requirements in terms of accounts. We can also advise you on reviewing the investment strategies attached to the contents of the Trust.
Trusts allow for the separation between legal ownership and beneficial interest. The Trustees are officially the owners of the Trust, meaning they have a duty to the beneficiaries to manage the assets in their interest, while retaining its value.
Get in touch with one of our experienced solicitors today to find out which Trust is right for you, or for information on how to act in the best interest of the beneficiary. Whatever your query, we’re here to help.