We provide a wide range of legal services to individuals and businesses through our specialist teams of solicitors across our offices.
Trusts are used for a variety of reasons and our expert solicitors team will advise you on the options available to you.
The team also advise trustees of existing trusts in relation to complying with their obligations and getting the most out of their trust.
A Trust is simply Person A (known as a Settlor) transferring assets to Person B (known as a Trustee) for the benefit of Person C (known as the Beneficiary).
The Trust could be created during a person’s lifetime or on their death.
A person could potentially have one or more of these roles.
Any person or company can be appointed as a Trustee.
The main types of Trusts are:
A Bare Trust – The Trustee is holding funds for a Beneficiary which the Beneficiary can demand to be handed over to the Beneficiary at any time.
A Life Interest Trust – A beneficiary (known as a Life Tenant) is entitled to the income generated by a Trust Fund for a set period, usually for life. When the period comes to an end, the Trust assets then belong to another specified beneficiary (known as a Remainderman).
A Discretionary Trust – The Trustees hold assets for a number of specified beneficiaries. The beneficiaries are not entitled to anything from the Trust. The Trustees usually have discretion as to which beneficiaries should receive anything from the trust, how much and when.
A Contingent Interest Trust – A beneficiary is entitled to the Trust Fund but only when a set contingency has been achieved for example the beneficiary has reached an age where the beneficiary is now entitled to receive the assets in the Trust.
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For more information please contact Matthew Edwards on 01708 229 444 or by email.
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For help and advice, talk to a member of our team. They can advise on the best options in your matter.
