A trust is the formal transfer of assets (property, shares or cash) to a select group of trustees or a trust company. It allows individuals to protect their assets and control how they are used after they have been given away. You can set up trusts during your lifetime or in your will.
As the person who puts assets into trust, you are a ‘settlor’. The person who manages the trust is a ‘trustee’, and the ‘beneficiary’ is the person who benefits from the trust.
Trusts are useful in a variety of ways, particularly in the following circumstances:
- To protect assets from beneficiaries’ partners or creditors
- To save inheritance tax
- To protect assets from the costs of nursing care
- Where beneficiaries are too young to receive an asset straight away, are infirm or are not good with money
There are a number of different types of trust. These include:
- Interest-in-Possession Trusts
- Discretionary Trusts
- Bare Trusts
- Personal Injury Trusts
Setting up a trust offers opportunities to manage your family’s future security in a tax-efficient way, ensuring your hard-earned assets go where they are needed most. The setting up of a trust can be complicated so you need an experienced and professional team on your side.
Our specialist trusts team can also provide detailed information on wider inheritance tax and estate planning.
For a no-obligation discussion, call 01752 203500 or email enquiries@GAsolicitors.com.
Many members of our team are accredited members of the Society of Trust & Estate Practitioners (STEP) and The Association of Lifetime Lawyers, so you know you are in safe hands. We are also ranked in important legal directories, The Legal 500 and Chambers High Net Worth.
The British Wills and Probate Awards 2025 named us a finalist in their ‘Private Client Firm of the Year (boutique)’ category. We were the only firm in the South West to be shortlisted for this national award.
