Trust Solicitors

Setting Up a Trust

Setting up a trust allows you to manage assets such as money, investments or property, for you, your family or anyone else you would like to benefit.

When assets are placed in a trust, they are under the control of a person or persons called ‘trustees’ who you will appoint. Your trustees will be responsible for managing the trusts according to your instructions, even after your death.

There are a number of reasons to set up a trust including:

• Passing assets on to your loved ones

• Funding the education of your children or grandchildren

• Providing for children and partners from different relationships

• Reducing inheritance tax payments

• Protecting assets from creditors or divorcing partners.

Trusts can be set up when making a Will and will usually fall into one of the following categories:

• Bare Trusts – this is where Trustees look after the assets for someone who is entitled to them.

• Discretionary Trusts – in this case a group of potential beneficiaries and the Trustees have the power to decide on the ultimate distribution within that group.

• Life Interest Trusts – this is where the beneficiary or beneficiaries receive the income, interest or right to benefit from the assets but cannot use capital which is protected for a different beneficiary or beneficiaries.

• Trusts for children – here, assets are held for children who have not reached the age at which they are able to receive all of the capital put aside for them.

Need to register an existing Trust? Click here for more information.