Trusts are very common and play a key role in many aspects of everyday life. Many people, often without realising it; will come into contact with a trust in one form or another at some point during their lives. Yet trusts are widely misunderstood and often seen as something just the wealthy need to be concerned with.
But trusts are particularly useful when planning how money and assets should pass from one generation to another, especially when family structures are complicated by divorces and second marriages. This; coupled with the growing frequency of marriage breakdowns, an ageing population and rising prosperity; makes trusts an excellent tool for long-term planning to ensure a family’s financial stability
What is a Trust?
Simply put, a trust is a legal relationship whereby a person gives property to another to hold for the benefit of someone else.
Why Might a Need a Trust?
Trusts continue to provide practical solutions to problems in ordinary people’s lives as opposed to giving the beneficiary an outright gift.
What is a Trustee?
The trustee is appointed to manage the assets in the Trust and is accountable to the beneficiaries. This is a legal position which carries many obligations and responsibilities.