A trust is a legal mechanism used to manage property, monies and investments. It can be created both in a lifetime or on death (via a will trust).
Why might you need a trust?
Trusts are created for various reasons, some examples of which are set out below :
- Protect, control and preserve family assets for future generations
- To minimize Inheritance Tax
- When someone is too young or incapacitated to handle their affairs
- When someone receives compensation due to a personal injury claim
- To pass on the legal title to assets while you are still alive, or when you die
- If you want to set up a trust or want more information on this topic, our team at Lestons would be delighted to be of assistance.
Trusts explained
Trusts may look complex but can be useful. Before creating a Trust, you should seek professional advice. In considering a trust, we can advise on the role of the Trustee, and what you should consider when selecting trustees.
There are various types of trusts, including:
- Compensation protection trusts
- Lifetime trusts
- Will trusts
- Life interest trusts
Deciding which trust is the right one for you and setting one up can be quite complex. We can help you to keep it simple and make sure your interests are represented.
What if trust and will are conflicted?
To ensure there is no confusion we would suggest revising your will at the same time as creating trust. If you have trust and a will, we advise you to have both documents checked by a solicitor to ensure they are not contradictory.
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