Trusts are one of the oldest forms of financial planning, with origins going as far back as the Middle Ages.   

A Trust is a formal, legal agreement that means one or more persons (the ‘Trustees’) takes responsibility for safeguarding certain assets and managing them for the benefit of a nominated person or persons (the ‘beneficiaries’). These assets might be money, property or anything else of value, with the person placing the assets into the trust known as the ‘settlor’.  There are different types of Trusts and they are taxed differently. 

Trusts are an important tool in estate planning.  In addition to Trusts established via a Will, there are many different types of Trusts that can be established during lifetime. A Trust may be appropriate for you if   

  • there are potential issues if the beneficiary were to own assets outright (perhaps because they are spendthrifts) 
  • you wish to avoid conflicts between heirs when your estate is settled (between children from different marriages)  
  • you have a beneficiary who doesn’t have the capability (minor, disabled, lacks capacity) or desire to manage the assets? 
  • you wish to protect family assets from social impacts like divorce or bankruptcy 
  • you wish to pass assets to the right person, at the right time 
  • you would like to simplify your estate and avoid probate – trusts are not subject to probate and assets are immediately available to the beneficiaries 
  • you wish to mitigate inheritance tax 

Trust law can be complex however, so it is important to have the right advice from the outset.  We will recommend the most appropriate Trust framework to meet your estate planning needs.