A trust is a document, which allows property to be held by one party for the benefit of another.
- The ‘settlor’ – the person who puts the assets, be those funds, property or other items, into a trust.
- The ‘trustee’ – the person, or people, who manage the trust. This can be professional people such as a solicitor or an accountant or a ‘lay person’ such as a close friend or family member, or a mixture of both.
- The ‘beneficiary’ – the person or people who benefit from the trust.
Often, trusts can form part of a Will, leaving money or property, for a minor to be held in trust until they reach a particular age or milestone. However they can also be used for a variety of other reasons, such as to pass assets to another person while you are still alive, as a vehicle to protect money received as part of a personal injury claim or received on behalf of a vulnerable person who cannot handle their own affairs.
Our specialist team can advise you fully on the type of trust most appropriate to your needs, draft the trust deeds and ensure the correct execution of the trust. In addition our team liaise closely with tax specialists so can ensure that you obtain the right advice as to the tax implications for your trust.
Whatever your intention or need for a trust our team will work with you to achieve your goal.