Trusts are often regarded with suspicion, however a properly prepared, modern trust can be extremely useful.
At its simplest, a trust is an arrangement under which specified assets are owned and managed by individuals (the Trustees) on behalf of other individuals (the Beneficiaries) who, for a variety of reasons, cannot look after those assets themselves. The trust deed establishes the rules under which this arrangement operates.
A trust can be set up through your Will to come into operation after your death, and may be required, for example to look after assets for beneficiaries who are too young to look after money for themselves, or perhaps for someone who is incapable. A Will trust can also be very useful for families where there are second marriages and funds need to be available to help different generations.
A trust can also be set up in your lifetime, perhaps as a tax planning measure, or to allow assets to be owned and managed on behalf of beneficiaries who may be in financial difficulties. Using a trust, funds can be protected in case of a possible bankruptcy, or where welfare benefits for a disabled beneficiary would otherwise be lost.
Our team of specialists, often working in close conjunction with your financial adviser and accountant, can advise you on the best type of trust for you and your family. We look forward to hearing from you.