A Trust is a legal arrangement whereby one or more Trustees are made legally responsible to look after certain assets (including money or property) on behalf of somebody else.
There are a number of reasons why it may make sense to set up a Trust:
- To manage money or property on behalf of a child;
- To manage money or property on behalf of a vulnerable adult;
- To manage money or property in a way that is financially beneficial in terms of tax benefits;
- To preserve assets for your family in the event of a death.
Trusts can be very useful in particular circumstances but the legal rules and the taxation of trusts are complicated and there is potential for things to go wrong if a trust is not properly established, managed or terminated.
At Frank Smith & Co Solicitors we can help you with setting up or dealing with the administration of a Trust. We will discuss your needs in order to establish the relevant type of trust, if any, that suits your circumstances and advise you of all the options available and the best way to achieve your goals.