Trusts allow you to appoint a person (or trust organisation) to be a trustee to manage assets for the benefit of someone else. There can be more than one trustee and more than one beneficiary of the same trust. If you create a trust to take effect during your lifetime you can appoint yourself to be a trustee.
You can create a trust expressly by deed or by your will. If you create a trust by deed it would take effect during your lifetime once the assets are transferred to the trustee(s). If you create a trust within your will it takes effect on your death. In some cases, trusts can be implied by law and are not created expressly.
– To protect your assets from being used to pay for care home fees.
– To ensure your estate ultimately passes to your children in the event of your surviving spouse/civil partner remarrying.
There may also be other reasons why a trust would be suitable for you and the above is not a substitute for obtaining expert legal advice specifically tailored to your personal circumstances.
We are happy to be appointed as professional trustees as we have years of experience managing trusts but we are also happy to assist and advise lay trustees on an ongoing basis or on a case-specific issue.
Harding Evans is a trading name of Harding Evans LLP, a limited liability partnership, registered in England & Wales (registered number: OC311802), authorised and regulated by the Solicitors Regulation Authority (SRA number: 419663).