A trust is a way of managing assets (money, investments, land or buildings) for people. Trusts are set up for a number of reasons and can often sound confusing, however they can be very helpful in assisting a person with the management of their assets. This could be in their lifetime, such as writing a life policy into trust for tax-planning reasons, or after their death, such as setting up a fund from which money can be withdrawn by appointed trustees.
We have advised clients who, in writing their Will, want to leave a family member an income from their estate, but ultimately pass the capital to a different person.
Likewise, we often find our clients have questions about putting their property into trust for care home fee purposes and whether this is a good idea or not.
Alternatively it might be that someone wants to ensure that benefitting a disabled family member under a Will will not prejudice them from receiving much-needed disability benefits.
At Ellis-Fermor & Negus, we regularly advise clients on these issues and many others. To find out if you could benefit from setting up a trust, our dedicated, Wills, Probate & Trusts team offer a bespoke service and would be very happy to talk to you about your requirements.