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 What is a Trust

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A trust is a legal arrangement in which one party, known as the trustee, holds and manages assets on behalf of another party, known as the beneficiary. The person who creates the trust is called the settlor (or grantor or trustor). Trusts are commonly used in estate planning, asset protection, and to manage and distribute property.

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Benefits of a Trust

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Avoiding Probate:

 

Assets placed in a trust do not go through the probate process, which can save time and reduce legal fees.

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Privacy:​​

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Trusts are private documents, unlike wills, which become public records after probate. This helps keep the details of your estate confidential.

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Asset Protection:

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Trusts can protect assets from creditors and legal claims against the settlor or beneficiaries.

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Control Over Distribution:

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Trusts allow you to specify how and when your assets will be distributed to beneficiaries. This can be particularly useful for managing the inheritance of minor children or beneficiaries who may not be financially responsible.

 

Tax Planning:

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Trusts can provide tax benefits, such as reducing estate taxes or providing income tax advantages.

 

Special Needs Provision:

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Trusts can be used to provide for a disabled beneficiary without disqualifying them from receiving government benefits.

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What Trust is best for you?

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We would always advise speaking to one of our Trust specialists, who will give you expert advice and recommendations based on your circumstances.

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