Trusts
Whereas a gift cannot be controlled once it has been given, setting up a lifetime trust enables you to have some control on how any wealth or assets are managed, even after having made the gift. A trust is a legal structure into which you can transfer your assets allowing you to make future provision for people (such as a member of your family), organisations and even your business. Our advisers regularly work with clients who wish to use trusts as a way of protecting their family’s financial future, but there are a range of trusts available, so you should always seek professional and independent advice before setting up a trust.
As part of the legal arrangement for a trust you will need to appoint trustees who will be responsible for the management of the trust, and who have an obligation to ensure that it is being run in accordance with the terms of the trust and in the beneficiaries’ best interests.