Trusts can be a useful way of saving Inheritance and protecting your assets for your loved ones. A Trust can be included in your Will or run along side your Will.

How can a Trust help you?

• Control your wealth. You can specify the terms of the Trust, controlling when and to whom distributions can be made.
• Protect your legacy. A properly constructed Trust can help protect your estate from sideways disinheritance, divorce settlements and potential creditors. It also means that you can protect your beneficiaries who are too young or vulnerable to manage the inheritance for themselves.
• Privacy and Probate. Once a Will has been submitted for Probate, it becomes a matter of public record. A Trust may allow you to pass assets in a private manner and potentially reduce the amount of time and money lost to court fees and potential taxes.

So, how does it work

All Trusts are different in how they are created and how they work but there are some common factors for all Trusts.

1. The Trust is created by you, “The Settlor”.
2. The Trust receives some form of assets whether property, money or a share of the estate which is known as the “Trust Property”.
3. You will appoint persons to manage the Trust, known as “The Trustees”. Sometimes, you can also be a Trustee. A Trustee will become the legal owners of the Trust Property.
4. You will set out your wishes and how you want the Trust Property to be managed and distributed.
5. You will also name the people that you wish to benefit from the Trust, who are known as “Beneficiaries”.