A Trust is a legal arrangement that allows you to put assets (money or property for example) into the hands of a third party, to hold for the benefit of others at your discretion.
A Trust allows you to pass on your assets at the right time, safe from life’s complications. You could provide for a grandchild’s education, or pass on personal property. Whatever it is, Trusts ensure you can give to someone whilst retaining control of the assets given away. They are especially useful when you are looking leave a gift to a child under 18.
The Trust Deed, or Will if taking effect after your death, is managed by Trustees that you appoint. The Deed or Will sets out how you want the Trust Fund to be used, and it is up to the Trustees to follow your instructions.
Different types of Trusts give flexibility to how your beneficiaries can benefit. For example, a Trust may hold money for a grandchild until they turn 18, or release money regularly over a period of several years. The most common types of trust are:
The Beneficiary is absolutely entitled to the Trust Fund.
The primary Beneficiary is only entitled to occupy a property or to receive an income from the Trust Fund during their lifetime
The Trustees decide from time to time who will benefit from the income and capital of the Trust Fund.
For assistance in making or reviewing your Will, including a free 30-minute Will Review Consultation, you can choose one of the following options to contact us:
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