“Trust law is complex and it is easy to make mistakes that can end up causing a financial loss to the trust or the trustees personally. Drafting trust deeds is a specialist skill, so professional advice can be essential to ensure that trusts are set up and managed properly.”
Mary Harty, Wards Solicitors’ specialist trust lawyer.
Planning for the future
Trusts play a vital role in planning for the future, helping you protect your assets and making sure your intentions are crystal clear, both while you are still alive and after your death.
At Wards Solicitors, we have many years’ experience in both setting up and administering trusts and experience of the many different trust scenarios and applications in this complicated area of the law.
What exactly is a trust?
Simply, it’s an arrangement where assets including property, land, money, shares or even antiques, are held and administered by one or more people (the trustee) for the benefit of another (the beneficiary).
For instance, you give a friend some money to pay for your care if you become ill. If you just hand over the money, you can’t be sure it will be used for the purpose you intended. In fact, your friend could spend it on anything they want.
To ensure clarity, this arrangement is best protected by drawing up a legal document called a Trust deed. This sets out that the trustee (your friend in this example) is responsible for administering the assets under trust in the best interests of the beneficiary (that’s you) named in the trust document.
Trusts can be set up during your lifetime or you can leave instructions to create a trust in your Will.
“As on previous occasions Mary provided a totally professional, friendly and helpful service.”