Trusts

There are all sorts of reasons why you may need a trust, it is not only for the wealthy!

A trust is a way of managing assets (money, investments, land or buildings) for people. A trust is a relationship whereby property is held by one party for the benefit of another. It is created by ‘a settlor’, who transfers property to a ‘trustee’. The ‘trustee’ holds that property for the trust’s ‘beneficiaries’.

Owning an asset with another person may sometimes need definition and clarity with regard to the proportion of ownership each person has. This is where a well-drafted trust document can help make it abundantly clear and remove any doubt, to both the courts and the revenue, who is entitled to what.

We will explain the different types of trusts available and consider carefully which type of trust would be most suitable for your needs. There are many different types including discretionary trusts, lifetime trusts, charitable trusts, personal injury and disabled trusts. We will also discuss with you issues such as the trustees who might be appointed and the powers that they might have within the specific trust.

Our friendly and experienced team at Penderlaw will be able to  give you sound advice to set up a trust that is right for you so that you can feel reassured that it will meet your needs, both now and in the years to come.

 

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