A trust is a legal arrangement which allows you to benefit someone with an asset. The asset can be monetary, or it may be a building, a piece of land or even an antique. You can choose to benefit one or more people (known as beneficiaries) by placing an asset on trust.
A trust is a useful way of giving assets to children who are too young or too vulnerable to manage them at that time. You can choose for the trust to benefit a child when they reach a certain age, or else put controls in place to manage how the money/asset is accessed.
O’Donnell Solicitors are able to provide clear advice on how to create a trust and what type of trust would be best for you in your individual circumstances.
Trusts can become quite complex and will require several decisions to be made. For example, you will be required to appoint someone as a trustee, who will be responsible for managing the trust in accordance with your wishes.
A trust can be created in life or within a will on death. There are a number of benefits and drawbacks to each option that we will explain and help you to decide upon.
If you are not certain who you would like to benefit, for example if you have identified a group of people such as your grandchildren, but that group could change over time, you can create a discretionary trust. This allows the trustee more freedom in their management of the trust.
Our solicitors have vast experience in creating trusts and will always have your best interests at heart. Trusts are often put in place as part of the wider process of estate planning, but our solicitors can also help you create one as a standalone document.
Contact our Trusts Solicitors
For more information on creating a trust or to instruct one of our solicitors in this area, please contact us.