Trust Information

What is a Trust?

A trust is a term for a legal arrangement where a ‘trustee’ or ‘trustees’ are made legally responsible for looking after someone else’s assets. The assets which can be anything from property, land, money or shares, are placed in trust for the benefit of one or more ‘beneficiaries’.

The trustees are then responsible for managing the trust and administering the wishes of the person who has put the assets into trust, who is known as the ‘settlor’. The settlor’s wishes for the trust are normally contained within their will or set out in a separate legal document called a ‘trust deed’.

What is the Purpose of a Trust?

Trusts can be set up for a whole host of different reasons, for example a Trust would be useful if the beneficiary or beneficiaries are too young to handle their own financial affairs, or if they have learning difficulties or are mentally unable to deal with financial matters. A Trust can also be useful if you want to pass money or property on to someone whilst you are still alive. You could also set up a Trust in order to protect existing family assets.

There are several types of family trusts and our team are able to discuss the options with you and will provide you with the best possible help and advice.