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Understanding Trusts

As part of making a Will, you may wish to use Trusts for lifetime Estate planning, for example, passing money to children or grandchildren so that it is not taxed on your death. Trusts have been used to protect and preserve family wealth and are no longer just for the wealthy. Anyone can set up a Trust. It is a vital estate planning tool for anyone wishing to protect their wealth and assets long-term. Set up during your lifetime, your assets are transferred into it now, however you still retain access and control of those assets. Trusts are used to protect:


Ensuring they pass to the right people at the right time


Ensuring they enjoy the full benefit of their inheritance

Protect your estate, assets and wealth

Poor planning of your estate, assets and wealth means that those you love can be unintentionally disinherited in many ways. Trusts can be a useful way of saving Inheritance and protecting your assets for your loved ones. A Trust can be included in your Will or run along side your Will. Trusts are a solution to this challenge, and are both simple and flexible. Undoubtedly, in these modern times we now have far more wealth than ever before. Furthermore, family dynamics have become more diverse and fragmented. Consequently this means that the threats to passing on assets have also increased. By creating a trust, you can ensure that your assets are distributed according to your wishes and that your loved ones are protected from potential financial risks.

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Lifetime Trusts Explained

A Trust is simply a legal arrangement and an ideal tool for not only asset protection but also wealth preservation. Using a Trust protects your wealth from numerous disinheritance threats. Most importantly, you can achieve maximum protection with complete flexibility.

What are the potential benefits of a Trust?

  • Remove Probate fees and delays, minimising stress
  • Avoid sideways disinheritance and as a result maximise bloodline inheritance in the long-term
  • Gain access to your hard-earned wealth at all times, retaining control of your assets
  • Ensure your wishes are fully observed
  • Deliver the maximum amount of inheritance to the people you love, quickly and simply
  • Remain in control of any future care fees
It is really important, you receive tailored advice before setting up any trusts. To speak to us, please make an enquiry.

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Advice for Trustees

Trustees have the legal authority to manage the assets in trust in accordance with the terms of the trust deed. Trustees have duties to comply with, such as complying with tax reporting requirements and ensuring the assets within the trust are being well looked after. It is important that trustees are aware of and comply with their duties as you can be personally liable as a trustee for any loss suffered by the trust.

Discussing death and the issues surrounding it is not an easy topic of conversation. However we aim to make this experience as easy, straight forward and compassionate as possible.

Frequently Asked Questions on Estate Planning

What is estate planning?

Estate planning arranges for the transfer of an individual's property after death and may involve a will and/or trust, or the application of state intestacy laws. Estate planning allows an individual to decide exactly who will benefit from their estate, and to what extent. It also ensures that the estate will not be destroyed by taxes imposed on the transfer of assets at death.

What is my “estate”?

An estate consists of all property owned at death before it is distributed by will, trust, or intestacy laws. An estate may contain both real property (real estate, including houses and investment properties) and personal property (all other property, including bank accounts, securities, jewelry and automobiles).

What is a Trust?

A Trust is a financial arrangement made between three parties;

  • The party that creates the Trust - known as the Settlor - which could be an individual, a couple, a group of people, a company or a legal entity of some kind.
  • The party that administers the Trust - known as the Trustee - which could be an individual, a couple, a group of people, a company or a legal entity of some kind.
  • The Beneficiary or Beneficiaries of the Trust who receive the benefits of the property and/or money titled in the name of the trust.

Essentially, the Settlor transfers ownership of property and/or money to the Trust and the Trustee who then manages those assets for the benefit of the Beneficiary or Beneficiaries, as directed by the terms of the Trust, which are dictated by the Settlor.

What is a Settlor?

The Settlor is the party that creates the Trust and it could be an individual, a couple, a group of people, a company or a legal entity of some kind. The Settlor may also be referred to as the Trustor, Grantor or Trustmaker.

If you wrote your will in such a way that you had a Trust (or Trusts) created to help manage property and/or money for the benefit of your beneficiaries, you would become the Settlor.

What is a Trustee?

A Trustee refers to those charged to hold and administer property or money in a Trust. The Trustee could be an individual, a couple, a group of people, a company or a legal entity of some kind and The Trustee becomes the legal “owner” of the Trust property.

What is a Beneficiary?

A Beneficiary a person designated as the recipient of funds or other property under a Will, Trust, Insurance policy, etc. In respect of a Trust, a Beneficiary is someone that benefits from the property and/or money held in Trust and administered by the Trustee.