Part of good asset management may include having a trust. Not everyone requires a trust however if you think that a Trust may be suitable for you then contact us. We will provide you with good advice on the whether or not a trust is suitable for your circumstances. You can use a solicitor or we or we can recommend a solicitor to you, or we can establish a trust for you, if you plan to go ahead with a trust. If necessary we will consult with your solicitor.
Trusts go back to almost 1,000 years ago. From the early 1200s it became increasingly common for land to be conveyed by common law to persons called “feoffees to uses” (the person transferring or conveying the land was called the feoffor and the person receiving it the feoffee). The feoffee was directed to hold the land for the benefit of other persons, the cestuis que use (today called beneficiaries)
Today a Trust can be used to provide for many different requirements and to protect assets in the event of certain events occurring. For example
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Provision for children or grandchildren
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Asset protection from creditors or marriage breakdown, not necessarily your own but your children or grandchildren.
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Vehicle for retirement savings.
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Potential for splitting income and reducing tax by using lower marginal tax rates.
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Providing for a beneficiary who is unable to manage his or her own affairs.
Because trusts are continuing to evolve and are flexible, they can adapt to the changes that time brings. The trust remains as relevant today, even more so, than its medieval forebear, the use.
Trusts require on-going accounting management and reporting if they are going fulfil your expectations. When you or the beneficiaries really need your trust you or the beneficiaries do not want to discover that that the Courts may consider your trust to be sham because the trust has not been managed in a proper and business-like manner.
That’s where we come in, in addition to helping you establish a trust we can provide a trustee service, and maintain all of necessary records and annual accounting and reporting requirements that identify a proper trust from a sham trust.
In addition we keep you advised of changes in Trust and Estate Law which may be of interest or relevance to you.
