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A trust is a legal arrangement that makes it possible for an individual or group (the trustee or trustees) to manage money or assets for the benefit of others (the beneficiaries). Trusts protect the interests of the beneficiaries.
There are three key people involved in any trust:
The Settlor – This is the person who puts the money or assets into the trust
The Trustee – This is the person who manages the trust
The Beneficiary – This is the person who benefits from the trust
What are the reasons for creating a trust
There are many reasons for a trust but here are some key ones;
- Manage cash and assets for those too young to manage their own finances.
- Protect assets from claims by partners or creditors of your beneficiaries in the event of divorce or financial difficulty.
- Allow beneficiaries to make use of assets without affecting their tax liability.
- Pass on benefits of assets, while keeping some control over them
- A trust can also help with tax planning for current and future generations of your family.
There are a number of different types of trust arrangements, so it’s important to have a clear understanding of why you are creating one and what you’re hoping to accomplish.
How we can help
If you’re interested in learning more about the benefits of a trust or would like to set one up, we can work with you to find the best structure for you.