What is a Trust?
A trust is an equitable obligation, binding a Trustee to deal with property over which he has control for the benefit of the Beneficiary.
Trusts have been used for centuries as a way of protecting assets from tax and also as a means of ensuring that the wishes of the person making the gift are followed.
There are many other reasons why trusts are used but these are some:
Examples:
Protective Property Trust
Don’t lose your home to pay for you or your partner's care costs.
Take steps now to protect your home for your children’s inheritance by having a Protective Property Trust written into your Will. Discretionary Trusts For example: Leaving money to charity without the hassle: Leaving money to a favourite charity is all very well, but you cannot be sure where it will be used. Will it go towards their executives’ salary bill, or would you rather support a particular project? Charities can be very insistent once they know they are named in a will, and your family may receive unwanted and demanding letters when they are grieving and trying to set your estate in order. Putting your money into a discretionary trust for charity means that you can attach a letter of intent about where you would like your money to be used. It could be used for several charities, with no one charity having a particular claim. You can name projects that you wish your charity trust to support, such as the building of a new wing for a local dogs’ home.