Trusts

Trusts are used to ensure that certain people benefit from the Trust Fund (beneficiaries) without giving them full control of the fund.

Trusts provide a flexible and versatile tool for managing assets and estate planning, allowing for control, asset protection and distribution according to the wishes of the settlor (the person who establishes the Trust).

We typically advise clients to use Trusts in their estate planning when they express a need or desire to protect either assets or beneficiaries.

What is a Trust?

A Trust can be set up during a person’s lifetime or via their Will. The Trust Fund is managed by a group of people known as trustees. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.

The trustees have a legal obligation to manage and use the assets for the benefit of the beneficiary, following the terms and instructions set out in the trust document.

The Trust is a separate legal entity from the individuals involved, with its own rights and obligations.

Trusts can be useful for many 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
• Ringfencing 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
• Achieving charitable objectives

Trust solicitors: Why choose Price Slater Gawne?

There can be tax advantages and disadvantages to Trusts so proper advice is always required.

Our specialist team are experienced in setting up Trusts for clients in line with their personal circumstances. If you would like to speak to a member of the team, please contact 03333 058375 or email WealthProtection@psg-law.co.uk

Read our Wealth Protection FAQs