A trust is commonly used as a way of allocating your assets for the benefit of beneficiaries. Trusts differ from a straightforward gift, as beneficiaries receiving gifts made in trust do not have complete control over the asset given. Many people use a trust in conjunction with a Will, to pass on their assets in a manner they feel is appropriate to a particular beneficiary.
Trusts are designed for a variety of purposes and reasons. They can be used when a person is too young (i.e. a minor – under the age of 18) or is unable (e.g. due to a lack of mental capacity) to manage their own affairs, or to be able to pass on money or property whilst alive.
The settler creates the trust stating the manner in which the property and income should be used. The trustees are in charge of administering the trust, and are also the legal owners of the trust property. The beneficiaries are those who will benefit from the property being held in trust.
As there are many different types of trust, let us advise you on which is best suited to your situation, the tax implications, how the trust will be managed and the rights and obligations of those involved.
A small sample of the trusts we can draft, set up and manage include:
Hopkins Law can assist you in setting up new trusts, managing existing ones and ensuring you meet all of your responsibilities. To speak to one of our trust lawyers or for more information, call us on:
Central Cardiff – 029 2039 5888
Cowbridge – 01446 77 41 51
Cardiff Gate Business Park – 029 2073 3000