A trust is a document that allows property to be held by one party for the benefit of another. You might consider setting up a Trust for a variety of reasons, such as leaving money or property for a minor as part of a Will, to pass assets to another person while you are still alive, to protect money received as part of a personal injury claim or to protect a vulnerable person who cannot handle their own affairs.
- 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.
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 to make sure that you’re given the best advice on the tax implications for your trust.