The following text elaborates on the concept of setting up Trusts and under what circumstances you might need to set up a trust. Guidance of Wills Solicitors will also be shared in this regard.
What is a Trust?
Imagine giving money to friend so that they can pay to look after you or your family in case you are no longer to do so yourself. There is a chance that the friend might spend it on anything that he wishes, to make sure that does not happen you can set up a trust so that the money is spent according to the rules defined by you. Trusts are set up under the supervision of Wills Solicitors.
From a legal standpoint, a trust an arrangement comprised of the following:-
- Trustees:-
- The one who control the money and assets.
- Trust Property:-
- The money or assets being controlled.
- Beneficiaries:-
- The people who are to benefit from the trust.
In the example quoted above, the friend will be the trustee, you and your family would be the beneficiaries and the money you give to your friend will be the trust property.
When Might you Need to Setup a Trust ?
You might have to look into setting up a trust under the following circumstances:-
- You want to support someone who cannot support themselves even when you are no longer around to help them.
- You want to make sure that your money is used to look after you when you can no longer look after yourself.
For more information you are more than welcome to get in touch with our expert Wills Solicitors at Walker Wise Solicitors by phone on 01254 300 966 or email enquiries@walkerwise.co.uk
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