Trusts can allow you to pass on your property or other assets to your loved ones with clear terms and assurance that those you wish to benefit actually do so.
A trust exists when two or more people (Trustees) look after property or other assets for the benefit of one or more other people (Beneficiaries).
Trusts in wills are most commonly used to provide for children under the age of 18 years, to protect property or to take care of vulnerable loved ones. Trustees have a legal and binding obligation to act in the best interests of the beneficiaries at all times.
Trustees should be people you trust implicitly who are financially responsible with good administrative skills. They may be friends or family or you may choose to appoint a professional trustee to undertake this role.
Trusts are a very specialized area of law but are accessible to all and provide benefits such as:
• Children who inherit when under the age of 18 can have their financial interests managed by a nominated trustee who may also be their guardian or other individual
• You could avoid your children being accidentally disinherited in the event of your surviving partner remarrying by including a trust within your will
• Ensure that a beneficiary in receipt of disability benefits inherit via a trust so their benefits are not compromised
• Manage business assets in the event of your death to ensure business continuity
When we meet with you to assess your requirements, we will guide you through the trust options that you may wish to consider and will support you every step of the way.