Trusts are useful mechanisms whereby money is held by Trustees on behalf of beneficiaries.
Trusts can be created in your lifetime or upon your death via your Will. There are different types of Trusts that have different purposes.
The trustees can be family members or friends, or professional trustees such as accountants, solicitors or a Trust company. They will hold the Trust Fund and act in accordance with the terms of the Trust deed or Will.
Why set up a Trust?
- To benefit your children or grandchildren whilst they are minors whether it be during your lifetime or upon your death
- To provide for a family member who is physically or mentally incapable of dealing with their own financial affairs
- To preserve monies received as part or all of a personal injury damages award. It may be advisable to place these monies in a Personal Injury Trust, a Trust designed to protect entitlement to means-tested benefits following a Personal Injury damages award.
- Family Trusts and Asset protection – to ensure that the family assets ultimately stay within the family.
- To mitigate tax liability by creating a Trust for death benefits or a life insurance policy
We can advise you on all aspects of Trusts, whether it be advising on tax implications of Trust Deeds, setting up, administering or winding up a Trust. We are also happy to act as Trustees and regularly do so for our clients.