A trust is an arrangement whereby assets (such as property or money) are held for the benefit of others.
The assets are held by Trustees, who can be a person or a company. They are responsible for dealing with the capital assets and any income produced, in accordance with the trust documents. Trustee powers and responsibilities are also outlined in the Trustee Act 1925 and The Trustee Act 2000. Trustees can be personally liable if trust assets are mismanaged.
Trusts can be a useful tool for tax planning or to protect assets for children. They can also be used to manage a vulnerable adult’s assets to ensure that they are adequately provided for.
Our team is experienced in advising on the benefits of different trust structures and both their practical and tax implications.