A trust is an arrangement whereby a ‘trustee’ or ‘trustees’ hold assets for the benefit of one or more beneficiaries. Various assets can be held in trust, such as land, money, shares or even antiques.
There are three parties involved in a trust arrangement, these are:-
- The Settlor
- The Trustees and;
- The Beneficiaries.
The person that creates the trust is known as the ‘Settlor’. The settlor’s intentions for the trust are usually expressed in a legal document called a ‘trust deed’ or in their will.
The Settlor can appoint up to four Trustees. Trustees carry out the wishes of the person who has put assets into the trust.
The Beneficiaries, in most cases, are relatives of the Settlor and they may only inherit the trust assets at some point in the future e.g. on the death of the Settlor or on attaining a stipulated age.
At Brearleys Solicitors, we can advise you on many different forms of trust, such as personal injury trusts, discretionary trusts, life interest trusts in Wills, trusts for minors and trusts of property.
It is a complex area of law that is only dealt with by specialists. Our Private Client team can discuss your requirements and give you an idea of costs for placing assets in trust.
Call 01924 667489 to find out more