What is a 'trust'?

A trust is an obligation which ties a person namely a 'Trustee' to deal with 'property'. The Trust will set out the terms and conditions and impose various obligations upon the trustee. Property can include various assets including money, land, buildings, investments, shares and many other assets. These can be to benefit a beneficiary/beneficiaries. 

A trustee is the legal owner of the trust property and is bound to look after the property as set out in the trust.

A beneficiary is anyone who benefits from the property held in the trust. A beneficiary can include members of family or a group of people who can benefit from the Trust. 

Why you may need a Trust?

There are many reasons for wishing to set up a Trust. The most common reason is to reduce inheritance tax liability and the desire to protect the family home and assets from being sold to fund long term care.

If you are contemplating making a Trust why not give us a call. Our fees are reasonable and sometimes we are able to arrange a fix fee for drafting your Trust Document.