A trust is an arrangement, defined by law, where someone or a group of people are made responsible for assets for the benefit of another group of people. The people assigned to administor the trust are known as trustees and those benefiting, the beneficiaries. The person who sets up the trust is known as the settlor. The assets are then held in the trust and will be released at the desired time. For example this might be on a desired date, or event such as someone turning 18 and becoming an adult.
There are a number of benefits to setting up trusts for your loved ones, these include:
Trusts can be complicated as everyone’s circumstances are different. We offer specialist trust services for people from a range of different backgrounds. So whether you’re looking to put your money, property, or possessions in trust and would like to hear more information about how this might be beneficial please get in touch.