Trusts

Trusts can be set up at any time or written into your Will. 

• What the assets are
• Who the trustee and beneficiary are
• When the trust becomes active

Choose people you can rely on to be your trustees and make sure they’re happy to take on this responsibility. You should have at least two trustees but can choose up to four.

The trustees are the legal owners of the assets held in a trust. Their role is to:

• Deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will
• Manage the trust on a day-to-day basis and pay any tax due
• Decide how to invest or use the trust’s assets

If the trustees change, the trust can continue, but there must always be at least one trustee.

Absolutely! Once a trust is created, it can typically be modified or revoked under certain circumstances. The flexibility to amend or revoke a trust depends on the type of trust and the specific terms outlined in the trust document.

1. Revocable Living Trust: If you set up a revocable living trust, you retain the right to make changes or cancel the trust entirely during your lifetime. It provides you with the flexibility to adjust beneficiaries, assets, or terms as needed.

2. Irrevocable Trust: Irrevocable trusts, on the other hand, are typically more challenging to alter once established. However, certain provisions, like changing beneficiaries, may still be allowed under specific circumstances and with the consent of all parties involved.

Remember, estate planning is a dynamic process, and life circumstances may change. Regularly reviewing your trust and other estate planning documents can help ensure they align with your current wishes and goals.

There might be more than one beneficiary, like a whole family or defined group of people. They may benefit from:

• The income of a trust only, for example from renting out a house held in a trust
• The capital only, for example getting shares held in a trust when they reach a certain age
• Both the income and capital of the trust

Choosing the right trust depends on your specific goals and circumstances. Our expert team will guide you through a personalised assessment to find the most suitable trust that aligns with your needs and protects your assets and loved ones.

While both serve to protect your estate, a trust goes into effect during your lifetime, managing your assets according to your instructions. In contrast, a will takes effect after your passing, detailing how your estate should be distributed. Trusts provide more control, privacy, and may avoid probate.

Yes, you can be the trustee of your own trust, commonly referred to as the “grantor” or “settlor.” This allows you to retain control over your assets and make decisions regarding the trust. Additionally, you can appoint a successor trustee to manage the trust if you become incapacitated or pass away.