A Trust is a way of managing assets for people. It is a relationship whereby property is held independently for the benefit of another or others.
A Trust is created by a Settlor, who transfers property and or assets to another person known as a Trustee. The Trustee holds that property in the Trust for the beneficiaries; those people who will have the benefit of the asset.
Trusts are mainly used for:
- controlling and protecting family assets;
- to look after the affairs of those who are too young to manage their affairs themselves;
- to look after the affairs of those who do not have the capacity to manage their affairs themselves;
- passing assets to another during your lifetime;
- passing on assets after your death;
- passing on assets when someone has died without making a Will.
It may be that you want to set up a Trust to cater for your family as opposed to giving them a lump sum of money. Trusts can be complex in their nature and therefore seeking the advice of a Solicitor who can explain the different Trust mechanisms which are available is important.
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