There are many different types of Trust but generally they allow you to control and protect your assets both during and after your lifetime. They can ensure your estate is passed securely and safely to your beneficiaries after your death. You can rest assured that your spouse, your children and their children will benefit from your estate in the way you intended .
To set up a Trust you need to appoint trustees who will in effect act as the managers of your Trust. They will be the people who ensure that your wishes are carried out, the assets of the Trust are looked after correctly and that your intended beneficiaries do indeed benefit. Quite often people appoint their children or other family members to act as Trustees or occasionally they appoint professional Trustees.
You then need to name those who you would wish to benefit from the Trusts, in other words the beneficiaries. These may very well be the same people who were appointed trustees.
Property, savings, shares and investments can all be placed into a Trust.
Depending on the type of Trust, your Trustees can either take control of your assets straight away, which can be very useful for both you and your beneficiaries or after your death.
A Trust ensures that your beneficiaries receive your assets at a time that is most beneficial to both them and you.
Trusts can avoid the often lengthy and expensive Probate process, meaning your assets can be dealt with immediately without having to wait for Grant from the court.
You have complete control over who you appoint as your trustees and what they can and cannot do.
By putting your assets into a trust, you protect against your beneficiaries inheriting from your estate just at the wrong time. Things like divorce and bankruptcy can have a catastrophic impact on an inheritance directly from a will if it’s received at the wrong time.
Our Trusts can also ensure that if disabled or vulnerable people stand to inherit from your estate, your appointed trustees can be in place to manage things sensibly and protect and administer the inheritance as they see fit.
Call us today and we will be delighted to give you all the information you require. There are many different types of Trust and we would be delighted to discuss the different options available.