ASSETS TO PROTECT?
More and more people are setting up trusts to protect property and manage assets. We can help you to decide if a trust is right for you, in particular taking you through the benefits and the pitfalls.
Why set up a trust?
One of the main reasons people set up a trust is to protect assets, in particular the family home. People think a trust will give them protection against asset testing (especially in relation to residential care), provide tax advantages, and protection from creditors (so that if you’re running a business, your personal assets are separate from your business risk). This is not necessarily true and every situation is different no matter what you heard at that barbecue. The best thing to do is talk to us about whether a trust is right for you.
Who is involved?
The trust relationship is between the person establishing the trust (the settlor) and the persons controlling what happens to those assets (the trustees). Thirdly, there are beneficiaries, who are the ones who benefit from the trust.
Need to know
Before you set up a trust we like to meet with you and make sure that you understand what it means to put assets in a trust. It's important to understand what you're trying to achieve with a trust as there may be a better and more straightforward solution. For instance it could be as simple as drawing up a contracting out agreement or updating your will
If you’re thinking of setting up a trust, we can help you with information and advice.