Trusts provide people with more options when organising their financial affairs and when planning for the future. They can be used in a number of ways, such as to protect assets, for charitable purposes or to help in tax planning, and there are various types which can be created either during an individual's lifetime or set up on death.
A trust is a legal arrangement where an individual (the Settlor) transfers assets to specific people (the Trustees) to control, look after and, where appropriate, administer for the benefit of a specified person or group of people (the beneficiaries). Legally, the Trustees make all the decisions about the assets but must act in the best interests of the beneficiaries and in accordance with duties and powers set out in legislation and any Trust Deed. A Trust Deed is the document that sets up the Trust.
We have considerable experience in running charitable trusts and non-charitable trusts, and can give you balanced advice, and deal with both trust setting-up and ongoing administration for you. Trusts can be a sound and sensible approach for many situations, and we can discuss the different options available to you. For example, Trusts can be used to:
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