What is a Trust?

Trusts are a legal device that allows you to give your money, property or shares, to others, whilst keeping some control over what happens to those assets. The assets in the trust will be controlled by trustees who you have chosen.

Trusts are commonly used to avoid paying unnecessary Inheritance Tax, care home fees or for helping to faciltate giving money to children or grandchildren at an age when they can be considered to be responsible.

You can create a trust while you are alive, usually by a formal trust deed. This is usually referred to as a “settlement”, or you can create a trust on your death in your Will (a “Will Trust”). In either case the trust document will set out:

(i) exactly what is being given away
(ii) who is going to look after it as “trustees”
(iii) who is the beneficiaries who are to receive the gift
(iv) the rules that the trustees must follow when looking after the assets

Before setting up any trust you should seek advice from a qualified professional.

If you would like to arrange a visit you can call us for free on 0800 878 6565 or 07942 959599 or use our contact page and we will call you back within one working day.

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