How do Trusts work?
More than 95% of people having their Wills drafted by LCS decide to add different types of Trust due to the countless benefits and protection that they provide. We assist our clients in considering which Trusts are best suited for them.
In making a WILL containing a Trust, you (the Settlor), are making sure that the people you wish to inherit from your estate (the Beneficiaries), receive what you have intended.
To be able to do that, you need to appoint Trustees. These could be family members, close friends or anyone you trust. The Trustees will be responsible for managing any Trust funds and distributing them to your Beneficiaries as and when stipulated or at their discretion until the Trust comes to an end.
Try our free Inheritance Tax Calculator to see how much you risk potentially losing without a trust in place.
Property Trusts can provide an ongoing home for someone after your death.
Discretionary Trusts can make provisions for disabled or vulnerable beneficiaries.
Trusts offer a means of holding and managing money or property for people who may not be ready or able to manage it for themselves. Trusts can protect your assets, such as your home. They can help ensure that your assets are passed on in accordance with your wishes after you die.
A Trustee should be appointed to legally manage and administer the Trust in accordance with the wishes of the person creating the Trust.
A Trust can either be set up by you during your lifetime or by your Trustee after your death and in accordance with your Will.
Trustees are the ‘legal owners’ of any Trust property, they manage and distribute the Trust assets. There can be one or more Trustees.
This can be anything including land or buildings, investments, money, antiques or other valuable property.