Family Law AssociationThe Law Society of Scotland
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Edinburgh 0131 278 3423

Trust Lawyers In Glasgow & Scotland

Trusts are one of the most effective ways to protecting assets. It is a significant wealth management tool that offers great flexibility in being able to preserve the value of assets and minimising their exposure to risk, whilst also making savings on tax. In short, a trust is when property or assets are arranged to be held by one or more people for the benefit of another. Trusts can be created for your own benefit or for somebody else’s. There are various kinds of trusts that are all taxed differently. When setting up a trust, the main parties involved in the process include a settler, a trustee and a beneficiary.

The Settler

The settlor ultimately determines how the assets in a trust should be used. Most of the time this is outlined in a special document called the ‘trust deed.’

The Trustee

By law, the appointed trustees(s) are the legal owners of the assets held in the trust. Just some of their responsibilities include:

  • To ensure that the assets are dealt with in accordance to settlor’s wishes, as stated in the trust deed or will.
  • Managing the trust.
  • Make decisions on how to invest or use the trust’s assets.

The Beneficiary

It is important to note that there can be more than one beneficiary, for example, a family quite a common one. The advantages of being a benefit may include:

  • The income from a trust, for example, the money received from renting out a house that’s held in a trust.
  • The capital only. Typically, this can be from getting shares in a trust when they have reached a certain age.
  • Both the income and the capital from a trust.

Trusts can be set up in a number of different ways, with each specifying when and how these assets can be passed onto the beneficiary. Some people choose not to set up trusts and prefer to settle with an unofficial agreement between the two parties. Although this may be a cheaper route, it is a much better and safer idea to settle it officially through the form of a trust with your solicitor.

An example would be to set aside money for one of your friends to spend on taking care of you should you ever become too ill to look after yourself. However, if this wasn’t done in the form of a trust, there is no way of ensuring that they wouldn’t spend this money on themselves. So, in this case, you can use a trust to make sure that they spend this money according to the rules that you set out.

Types of Trusts We Specialise In

  • Family Protection Trusts
  • Care Home Trusts

What are the advantages of trusts?

There are a number of different reasons why trusts are created, including:

  • To help manage assets for people who are incapable of doing so themselves. For example, creating trusts for children so that when they reach a certain age they have access to these assets. It is quite common for parents or grandparents to set up trusts for educational purposes, such as university fees and living expenses.
  • Protecting a family business. Entrepreneurs who have spent a lifetime building up their businesses may create a trust to ensure that it carries on after their death. This is used to help keep assets within the family.
  • Having more control over managing your wealth. In a trust, you are able to specify exactly when and whom distributions are to be made.
  • Passing assets to another person but wanting to protect the assets in case of a divorce.

 Our team of trust solicitors are here to help you

At Jones Whyte, our priority is to satisfy the needs of our clients in the most efficient way possible. Our team of trust solicitors are here to help with any enquiries you may have about setting up a trust, whilst providing invaluable advice to ensure that all of your assets are secured safely.

We are able to provide assistance in every step of the process whilst providing you with invaluable legal, investment and tax advice as well as excellent administration. At Jones Whyte, it is a mandatory requirement that each member of our trust solicitors’ team is professionally qualified either as, Taxation Technicians, Trust Solicitors, Chartered Tax Advisors or as members of the Society of Trust and Estate Practitioners. 

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