What is a Trust?
In simplest terms, it means that the assets in the trust are controlled by someone who holds responsibility for looking after and using the assets for the benefits of someone else.
The most common time people use a trust is when they have minor children. Until a child reaches the age of majority, they are not permitted to look after their own assets. Instead, a trust will be set up for their benefit, so that they have money available for their upbringing and education. A responsible person will be looking after the funds of the trust, usually with guidance provided by the person who set up the trust.
Why set up a Trust in a Will?
You have no choice if your beneficiaries are minor children – someone else has to look after their assets.
However, even if your children are not minors, you may wish to set up a trust – for instance, so that your children only receive their inheritance when they are 25 or 30, and responsible enough to look after their funds.
If you want to leave your assets to someone who is disabled, or not likely to manage their funds will, setting up a trust may make sense.
I can prepare a trust for you
You may wish (or need) to include a trust in your will. I can advise you on this, the terms of the trust, and include the trust in your will.
Fees
See our fee schedule for details.
