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What is a Trust?

A Trust is a way of securing and managing the transfer of property (be it investments, houses, shares, antiques etc). By placing these assets in a Trust, you can ensure that they are managed in exactly the way you intended. For example, rather than giving a gift of cash outright, someone could be entitled to the income it produces instead.

What is a Will Trust?

A Will Trust is a trust that has been written in to a Will and only comes in to being after you have died – which means that you can amend it whilst you are alive. It also means that you remain in control of your assets during your lifetime.

Who is involved in a Trust?

The Settlor or Donor

The person who places the initial asset in to the Trust and gives legal responsibility to certain people to look after the assets.

The Trustee/s

The people who manage and are legally responsible for the assets in the Trust. They ensure that they act within the conditions set out in the Will Trust. Between one and four people are required.

Beneficiary

The people who benefit from the assets or eventual outcome of the Trust. This could be an individual or a group of people/charities.

When would you use a Will Trust?

Trusts are included in Wills when leaving an outright gift to someone might lead to an unsatisfactory outcome. A Will trust allows you to have greater control of the use of your assets after your death. If you want to leave a gift, but with 'if's and but's' attached - a Will Trust might be the answer. Commonly you may look at including a Will Trust when: