Trusts

A Trust is where you entrust the rights of your legal relationship of what you have for another’s benefit. There are different types of Trusts which enables you to do different things. A Trust can be created by someone in their lifetime which is called a Lifetime Trust or by a Will which is called a Will Trust.

Trusts can be created for an individual, family, organisations, or a business. Trusts are usually created where the wishes are:

(a) to transfer assets to a minor or to defer the age at which a person may benefit from or have control of the assets;

(b) to provide for successive persons to benefit from the trust assets, i.e., where person (A) will receive the income from the assets during their lifetime and thereafter the capital will pass to person (B);

(c) to allow for future flexibility in deciding who will benefit from a Trust, i.e., trustees will be given a discretion as to which, if any, of the beneficiaries specified in the Trust shall receive any benefit from the Trust;

(d) to safeguard assets from beneficiaries, dying, divorcing or to protect those assets from a beneficiary’s creditors;

(e) to reduce the amount of tax that must be paid.

For more information about a Trust and how it could work for you please contact: enquiries@brokerhouse.ltd.uk or 0208 860 9388