A Trust is a form of ownership in which the legal title to property is transferred from the owner (the ͞"settlor͟") to another party (the ͞"trustee͟"), who will then have a fiduciary duty to hold, protect and administer the property for the benefit of a third party (the͞ "beneficiary͟").
Trusts can be created during your lifetime or on your death via your Will. There are several types of Trust, each of which serves a slightly different purpose.
Trusts provide a wide range of flexible options for wealth planning, family and business requirements. Trusts can help to preserve family assets by mitigating tax liability for death benefits,ensure that family assets ultimately stay within the family, or ensure your children or grandchildren are provided for whilst they are minors whether it be during your lifetime or upon your death. Trusts can hold most types of asset, including land, property, valuable items and quoted and unquoted investments.
By keeping the control of property separate from its rights and monetary value, trusts provide a valuable tax planning mechanism and can help address complex succession issues within families. Trusts can also offer protection from creditors and can form part of matrimonial planning.
Our team works side by side with our clients to ensure the smooth transfer of wealth from one generation to the next and to safeguard wealth, assets and protect financial security. Our family law and Private Client teams can advise you on all aspects of Trusts, whether it might be advising on tax implications or Trust Deeds, administering a Trust or simply winding up a Trust.
We are able to advise individual private clients wishing to establish Trusts as well as beneficiaries and trustees themselves, both onshore and, offshore working alongside our international team and their network for legal advisors abroad.