A trust is a legal arrangement where one or more people or a company (called the trustees) controls money or assets (called the trust property) which they must use for the benefit of one or more people (the beneficiaries).
Money, investments or assets can be put into a trust and depending on the type of trust, it may have to pay tax and the trustees may need to complete tax returns.
Trusts ensure that your money, when managed by a trustee, is put to one side and can be made available to your children / loved ones when they reach a certain age. There are several different forms of Trust that you can choose from.
Trust and Asset Protection
You might set up a trust:
- to support someone who can’t manage their money at this moment in time, due to being a child
- to make sure that your own money is used to look after you if you can’t look after yourself
A trust can be especially useful if you have a child with a mental health condition or learning disability and you’re worried about how they’ll manage financially after you pass away. If you are considering setting up a Trust, then please get in touch.
There are many types of Guardianship; who can be appointed and what powers do they require. Our expert team will be able to discuss the circumstances of each case, in order to identify the type of guardianship needed.
If you are thinking about setting up a Trust or appointing Guardians, then we are here to help.