Trust Help
Trusts cause a great deal of confusion. It is therefore vital to have proper legal and financial advice before setting up or exercising one. They can "stand alone" or be included in a Will. Many people fall into the trap of purchasing stand alone trusts costing thousands of pounds when a simple trust in a Will or a pilot trust can do the same job for a fraction of the price.
Request your free copy of our 16 page guide to Family Protection Trusts. So we can help and advice you of the benefits of a Family Protection Trust, which are very under publicised but can save families thousands of pounds.
To order your free copy, telephone us on 0800 028 2837.What is a Trust?
A trust is simply a legal term where a person ("Settlor") sets up an association with another individual or company ("Trustee") to relocate their assets for the benefit of someone ("Beneficiary") in the future. Relocating your assets in this way is known as a trust fund where the Trustee or Trustees if more than one manages assets on behalf of the Beneficiary or Beneficiaries. The Beneficiary/ies are named by the Settlor who set up the trust. Each trust has a specific set of rules to abide by known as a Deed. The Trustee/s by law must follow the rules of the Deed at all times.
You can create it in a number of ways, either in your lifetime, or on death as instructed in your Will or via a Deed of Variation.
They take on different formats and can provide maximum flexibility of assets, allowing a Trustee/s discretionary powers to respond to different situations very quickly.
A simple explanation courtesy of Craig Ward of www.lawtalks.co.uk:
"If I gave you a Mars Bar to give to someone else tomorrow and tomorrow you had eaten it, you would be in breach of trust law!"
Why?
Because while the Mars Bar is in a state of trust nobody owns it. The final recipient only stands possessed of it when he or she unwraps the bar and takes a bite. In the meantime the bar is technically protected from any third party stealing a bite.
If you have ever considered setting up a trust to help save on Inheritance Tax, or to protect a Beneficiary from any form of loss, then please contact us to discuss your options.
