What Is A Trust?
The details of the arrangement are usually documented in a ‘trust deed’ and the assets placed in the trust are called the ‘trust fund’. There are several different types of trusts and they are each taxed according to different rules. Setting up a trust can be very complicated and it is advised that you use a solicitor to avoid costly mistakes.
People who are involved in a trust are:
- The ‘settlor’ – the person putting assets into a trust
- The ‘trustee’ – the person in charge of managing the trust
- The ‘beneficiary’ – the person who benefits from the trust
Frequently Asked Questions
01. How do trusts work?
02. How much can I place in trust?
03. Can trusts avoid inheritance tax?
04. Can trusts help protect my assets?
05. How do I set up a trust?
06. Can a beneficiary also be a trustee?
07. Can a trustee be held responsible for any mistakes?
Who Can Be My Trustees?
You should name at least two trustees, but no more than three or four. There are companies who can act as trustees. These could be banks or a firm of solicitors , however they will charge a fee to do so.