A trust is a body that owns assets which are managed by appointed persons, known as Trustees, for the benefit of one or more beneficiaries. The creation of a trust involves the formal transfer of assets from you to the Trustees with instructions that they hold, manage and invest those assets for the benefit of the beneficiaries. A trust can be created in two ways:
As the name suggests, a Will Trust is created as part of your will. The trust rules must be set out in your will and the trust will take effect after your death.
In cases where a trust is created to take effect within your lifetime, it is sometimes referred to as a 'settlement'. Creation of this kind of trust involves the drawing up of a called a 'trust deed', in which the trust rules are set out.
In either case, the trust document (the will or deed), states who is responsible for administering the assets (in other words, it names the Trustees), names those who are to benefit from the trust (the Beneficiaries) and sets out any rules or conditions which either the Trustees or the Beneficiaries must comply with. The trust document also states details of how and when the trust will end.
Our wealth management team can help you to draw up a trust deed, or create a trust as part of your will. By listening carefully to your requirements we will make it easy for you to make the best of your assets and investments - both now and in the future. Find out more about trusts and how Switalskis Solicitors can help you to manage your assets by clicking on the links in the Trusts section in the menu to the left.
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