Control of an outright gift is lost once it has been given away. This could be a problem if a beneficiary of the gift is not yet an adult, or is to divorce, die, be made bankrupt or need means tested benefits.
One solution to this problem is to create a Trust, either during your lifetime or in your Will, for the chosen beneficiaries.
You then transfer the assets you wish to be given away (the ‘trust fund’) to the trustees, who hold it on behalf of the people who are to benefit from it – the beneficiaries – in accordance with the trust document. Whether a trust is set up during your lifetime or in your Will, it’ll be in writing, and so this guide uses the term ‘trust document’ throughout.
Our team of experts can help you with all aspects of trusts.
Click here for our Trusts Guide.
For more information contact a member of the team via the Enquiry form or call 01633 413500.
Associate Chartered Legal Executive