trusts

Often, assets (such as money, property, or investments) are passed on to beneficiaries when they reach a certain age, or remain with them indefinitely providing them with certain benefits, such as a home or a recurring income. Trusts can be set up for a number of reasons. Whether it be to control and protect family assets, to allow a beneficiary to access assets in a manner that doesn’t require them to wholly manage them, or to pass on assets when you die.

The settlor is the individual who decides the way in which the assets in question will be distributed and utilised, which is usually set out within a document called the 'trust deed'.

The trustees are the legal owners of the assets that sit within the trust. The responsibility of the trustees is to manage the assets according to the settlors' wishes.

The beneficiaries are the individuals that benefit (through either capital or income) from the assets within the trust.