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

  • Pensions

  • Life Assurance

  • Life Settlements

  • Charities

  • Divorce

  • Wills

  • Protecting assets for the disabled and vulnerable

  • Care Home fees

  • Mitigating Inheritance Tax

 
 
 
 

Trusts and Long Term Care Costs

Trusts can sometimes help to ring-fence assets from assessment by a Local Authority should you need to enter long term/permanent residential or nursing care in the future.

Pension Trusts

Trusts can be used to receive either a pension lump sum on your death or the proceeds of a life assurance policy on your death.

Trusts for the Disabled and Vulnerable

If your beneficiary is disabled or vulnerable in any way that means that he or she is unable to manage their own affairs then you may wish to consider alternative options to giving assets directly to them.

The Roles and Duties of a Trustee

Before accepting an appointment as a Trustee you should ensure you are fully aware of the responsibility and obligations that you will assume in this position. Some of the most basic and obvious duties of a Trustee are as follows.