A Trust is an obligation binding an individual or a company, known as a ‘Trustee’, to deal with ‘property’ in a particular way, for the benefit of one or more ‘beneficiaries’.
WHAT IS A ‘TRUSTEE’?
Trustees are the legal owners of the Trust property:
- They are legally bound to look after the property of the Trust in a particular way and for a particular purpose.
- Trustees administer the Trust and, in certain circumstances, make decisions about how the property in the Trust is to be used.
- The Trust can continue even though the Trustees might change, but there must always be at least one Trustee.
WHAT IS ‘PROPERTY’?
The property of a Trust can include:
- Land or Buildings.
- Personal belongings, such as paintings and jewellery.
The money and investments held in the Trust are known as the ‘capital’ or ‘fund’ of the Trust. This capital or fund may produce income, such as interest or dividends. The land and buildings can also produce rental income.
WHAT IS A ‘BENEFICIARY’?
A beneficiary is anyone who benefits from the property held in the Trust.
There can be one or more beneficiaries, such as a whole family or a class of people, and each may benefit from the Trust in a different way. For example, a beneficiary may benefit from:
- The income only.
- The capital only.
- Both the income and capital of the Trust.
WHAT IS A ‘SETTLOR’?
A Settlor is the person who has put their property into the Trust. Property is normally put into the Trust when it is created, be it immediately or upon death.
WE OFFER A VARIETY OF DIFFERENT TRUSTS TO MEET YOUR NEEDS AND OFFER VARIOUS SOLUTIONS:
- Interest in Possession Trust
- Discretionary Trust
- Nil Rate Band & Residence Nil Rate Band Trust
- Children’s Trust (18-25 Trust)
- Disabled or Vulnerable Person’s Trust
- Right to Occupy Trust
- Family Asset Protection Trust
- Bespoke Trust