“As executors of the estate and trustees of the will trust, we were always impressed by the efficiency and punctuality with which you attended to all the many issues involved.”
− Kevin Feeney, Wealth Management client
Trusts
A trust (settlement) arises when a person (the settlor) transfers assets to trustees, who hold the assets for the benefit of one or more persons (the beneficiaries), who will receive income and/or capital from the trust.
What types of Trusts?
There are numerous types of Trusts and it is important you choose the correct one to suit your wishes and the needs of the beneficiaries. Under some Trusts:
1. Beneficiaries have an immediate right to both capital and income (these are known as Bare Trusts).
2. Beneficiaries have a right to all Trust income but other individuals will enjoy the capital (these are known as Interest in Possession Trusts).
3. Beneficiaries receive income and sometimes capital from the Trust but only at the discretion of the Trustees (these are known as Discretionary or Accumulation Trusts).
4. Beneficiaries are vulnerable children or adults and the Trust will provide financial support during their lifetime (these are known as Trusts for Vulnerable People).
Other Trusts are available for more specific needs.
Trusts have become an intrinsic part of tax planning and careful and specialist advice is always recommended.
