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Some people are wary of trusts because they believe they are complicated or expensive, but in the majority of situations that is not the case.
In simple terms, a trust is a legal arrangement where one or more “trustees” hold assets (such as land, buildings and investments) for the benefit of “beneficiaries”.
The trustees are legally responsible for the assets held in trust and they should be aware of their duties and powers, which are different from personal ownership.
Trusts can be used for a number of purposes, including:
– Wealth preservation and tax planning
– Safeguarding assets from third party threats (eg, arising from divorce, financial difficulties or claims on death)
– Protect means tested benefits (see also our pages on Personal Injury trusts)
– Provide a flexible way of looking after assets for those who are vulnerable
The type of trust that you need will vary according to your circumstances and requirements, but we can assist you to set up the following trusts:
– Will trusts
– Discretionary trusts (including for pension death benefits)
– Life interest trusts
– Bare trusts
– Personal injury trusts
In addition to assisting you to set up a trust, we can also assist you with the ongoing management and administration of the trust. Setting up and managing trusts isn’t as intimidating as many people think, and the benefits can be significant. Contact our Team to see how a trust might be of benefit to you.