In simple terms, trusts are agreements between people about the protection and use of property. When used as a part of your Estate Planning, trusts can either be formed whilst you are alive, or you can use your Will to create a trust when you die.
The most important point to a trust is its purpose. What are you trying to achieve? The answer to that question will determine whether a trust is the right solution to the reach your goal. For example, if you want to leave money to young children, then the money will need to be held in trust until they are old enough to receive it.
For most people, the biggest asset that they own is their house. Therefore, trusts are often formed to protect the property. You should be aware that even within the legal profession, there is a great deal of misunderstanding about trusts – what they can do, what they can't do, how to set them up correctly, when to set them up, what problems they solve, what the rules are and how best to advise people about trusts.
If you are thinking that a trust may be worth looking at as part of your Estate Planning, then we would be happy to speak to you – in confidence – about your options. You need to know the downsides to setting up a trust as well as what it can do to help you. Give us a call and we can arrange for your local consultant to visit you for an informal chat, without cost or obligation. There is more information given below, and a huge amount of information given if you venture into the deeper depths of this website, but your easiest, fastest and best option is simply to pick up the phone and give us a call.