Trusts

A will trust is something you set up to benefit the people you want to pass on money or possessions to. After your death it will come into effect and the trustees who you have named, are given control over the assets covered by the trust. They must manage the trust on behalf of the beneficiaries of the trust. You can be specific about how much each person gets and when, or you can allow the trustees to decide; it is common to leave a letter of wishes to indicate your thoughts.

What can a will trust be used for?

They can be used in a range of ways, however common uses for trusts include:

• paying for your children or grandchildren’s future education
• providing resources specifically to care for loved ones who are vulnerable in some way
• leaving money or a house to support your spouse from a second marriage while they are still alive, but ensuring that those assets will then go to children from the first marriage after the second spouse has died.

Setting up a trust

Our trusts specialists, including lawyers and tax accountants, can help you use and manage trusts effectively and stay the right side of the regulations. At the outset, we’ll help you decide what type of trust is right for you. We have particular expertise in the creation of:

• inheritance planning trusts
• discretionary trusts
• charitable trusts
• personal injury trusts
• declarations of trust for a property.