Trusts can be created for a number of reasons, some are basic in their format whilst others can be created to provide for more complex situations. You can create a Trust to take effect in life or you can provide for one to be created on your death within your Will.The Trust Deed will identify the trust property and the beneficiaries. The Trust Deed will also appoint the persons responsible for managing and distributing the trust property, these people are known as the Trustees.You may wish the Trust to provide for just one beneficiary or you can choose to provide for a class of beneficiary, for example ‘all my sisters and brothers’.
Within the Trust you can set out how you would like your Trustees distribute the trust property, alternatively you can give your Trustees a discretion (a choice) as to how the trust property should be distributed between the beneficiaries, this type of Trust is known as a Discretionary Trust.
The Family Home
Protecting assets for the disabled and vulnerable
Care Home fees
Mitigating Inheritance Tax