What is a Trust?
Although they are at the heart of Estate Planning, Trusts often remain a mystery to many.
Simply put, a Trust is a legal arrangement where the individual who creates the Trust (the 'Settlor') entrusts assets to Trustees.
These Trustees are then responsible for managing these assets for the benefit of designated beneficiaries.
The concept of Trusts is not new; it traces back to ancient times. However, the role of Trusts extends beyond a mere historical footnote. They play a crucial part in comprehensive Estate Planning, alongside other critical documents like Wills or Lasting Powers of Attorney.
Here are the pivotal reasons to consider incorporating a Trust into your Estate Planning:
Controlled Access for Beneficiaries: Trusts allow you to control when and how your beneficiaries receive their inheritance, helping protect assets from being accessed at unsuitable times, such as during financial difficulties or personal issues.
Avoiding Probate Delays: Assets held within a trust usually don’t have to go through probate, which can speed up distribution and reduce delays after your passing.
Flexible Use of Assets: Trusts enable trustees to manage and distribute funds as needed, providing ongoing financial support rather than a single lump sum.
Protection for Vulnerable Beneficiaries: Trusts can help safeguard assets for beneficiaries who may be minors, have special needs, or require additional protection.
Continuity and Control: By appointing trustees, you ensure that your estate is managed according to your wishes, even after you’re gone.
Remain in control: Ensures control over your finances remains within trusted hands, shielding your estate from third-party claims.
We specialise in providing tailored advice on Trusts
Beyond these benefits, Trusts can also be pivotal in determining how life insurance or pension death benefits should be managed, potentially securing these funds for your spouse or children. Furthermore, we guide you through the necessary steps for Trust registration with the Trust Registration Service (TRS), ensuring compliance and peace of mind.
At Burdett Legal, we specialise in providing tailored advice on Trusts. Our expertise is supported by a panel of solicitors with extensive experience in trust deed preparation and Land Registry procedures. We commit to delivering advice and documentation of the highest quality to our private clients and professional colleagues in the legal and financial sectors.