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Trusts and Settlements
A Trust is a legal arrangement that allows you to manage assets such as property, money, or investments for the benefit of third parties named in the Trust document or Will. The person who puts the assets into a Trust is the Settlor, the person who manages the Trust is the Trustee and the person who benefits from the Trust is known as the Beneficiary.
What are the benefits and reason to making a Trust?
- Provide for your spouse: in their lifetime and plan the next steps for your estate afterwards.
- Support incapacitated individuals: provide assets for someone who is unable to look after themselves.
- Assist young beneficiaries: provide assets for someone too young to handle their affairs.
- Control and protect family assets: maintain control over family assets.
- Protect the family home: prevent the family home from being sold in order to pay for residential care.
- Reduce the inheritance tax: minimise the inheritance tax burden.
When should I create a Trust?
You can create a Trust while you are alive, or you can specify that a Trust be created upon your death through your Will. In the Trust document you can identify the Beneficiaries, designate how the capital and income is to be spent, and the duration of the Trust.
To find out more about creating a Trust, call our Private Client team today: