Trusts

A Trust is a legal relationship where property is held by one party for the benefit of another.   The ‘settlor’ transfers some or all of their assets to a ‘trustee’, the trustee then holds that property for the Trust’s beneficiaries. 

A Trust separates the property’s legal ownership and control from its equitable ownership (the right to use the property or receive any income it produces) which may be done for tax reasons or to control the property and its benefits if the settlor is absent, incapacitated or deceased.  Trusts are often created as part of a Will to define how property will be handled for children and other beneficiaries.

The trustee is given legal title to the property but is obligated to act in accordance with the terms of the Trust, which usually means in the best interests of the beneficiaries.  Trustees can be an individual or a Trust company.  There can be a single trustee or up to four trustees for an estate.

If you would like talk to us about creating Trusts within your Will please contact our team at wills@winstonsolicitors.co.uk or call us on 0113 320 5000.

Latest Blog

The importance of appointing a guardian in your will

09/05/2019
The importance of appointing a guardian in your will
Yes, it’s an awful thought, let alone to say out loud, but who would care for your children if you died? If your children are under the age of 18, have you thought about making sure your will...
Reintroduction of employment tribunal fees?

In a surprising announcement, the Ministry of Justice (MOJ) has confirmed that it may reintroduce fees for employment tribunal claims.  This would be a surprising U-turn by the government which was criticised for its tribunal fee structure which was introduced in 2013.  The fee structure was decl

Inheritance tax changes

The recent Budget saw the Chancellor announce reforms to Inheritance Tax rules which were widely expected following the Conservative Party’s General Election victory.  Currently, a married couple are able to access allowances of £325,000 each, which can be doubled up and applied as a single allow

Grandmother with Grandchild

The Prime Minister David Cameron has recently suggested that he would be “happy” to look at plans for so called “granny leave” giving working grandparents the right to take up to 18 weeks of shared paren