A Trust can be set up during a person’s lifetime or by their Will. Trusts are used to ensure that certain people benefit from the Trust Fund (beneficiaries) without giving them full control of the fund. Instead the Trust Fund is managed by a group of people know as Trustees. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
Trusts can be useful for may purposes including:
- Managing money and other assets for beneficiaries who are under the age of 18, or who may not be responsible enough to have full access to or control of the assets
- Ring fencing assets as a way of protecting them from future claims for example in the event of divorce or financial difficulties
- Allowing beneficiaries to make use of assets without it affecting their tax position or entitlement to current/ future benefits
There can be tax advantages and disadvantages to Trusts so proper advice is always required.
We can help you set up a Trust so that you can be sure that only those you want to can benefit from the fund. Get in touch for our advice.