Trusts - Reynolds Parry Jones LLP

Trusts

A Trust is a way of managing assets (money, investments, land or buildings) for people. Trusts involve the ‘settlor’ – the person who puts the assets into the trust; the ‘trustee’ – the person who manages the trust; and the ‘beneficiary’ – the person who benefits from the trust.

Trusts can be set up for a number of different reasons, including:

  • To control and protect family assets
  • When someone is too young to handle their affairs
  • When someone is unable to manage their affairs because of incapacity
  • To pass on assets while you are still alive
  • To pass on assets when you die (a ‘will trust’)
  • Under the rules of inheritance if someone dies intestate (i.e. without leaving a will)

Trusts can be useful tools for managing assets whilst drawing up a will as they can avoid or mitigate the imposition of taxes (e.g. Inheritance Tax).

Call our specialist lawyers now to discuss whether the establishment of trusts during or after your lifetime can bring advantages to you and/or your family.

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