SOME HELPFUL PUBLICATIONS
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What is a Trust? A Trust is the formal transfer of assets to Trustees (usually two or three people) or a Trust Company, with instructions that the Trustees hold those assets for the benefit of other people.
If you make the Trust in your lifetime, then this will be evidenced by the Trust Deed. If the Trust is created on your death, then the trust provisions will need to be set out in your Will and this is called a Will Trust.
A trust document will state the people responsible for looking after the assets ie the Trustees, and it will state the people befitting from the Trustees the beneficiaries. It will also deal with various other provisions, such as payment of capital and income and the purposes of the Trust.
The Trustees have a duty to manage the Trust for the benefit of the beneficiaries, but in strict accordance with the terms of the Trust Deed.
What are the uses of the Trust? Trusts have many uses, including fiscal advantages in certain circumstances. Trusts can be used to provide flexible control of assets for the benefit of adults or minor children; protecting business assets; providing for a disabled person; mitigating tax liability.
For further information, please contact Faiza Lone, who heads the Private Client Department of Decimus Fearon solicitors on firstname.lastname@example.org
and 020 7823 0450