TRUSTS SOLICITORS GLASGOW, SCOTLAND

A trust is a legal arrangement that enables one or more people, in some cases a company, to have control of your assets as part of an agreement that these assets will be used for the benefit of a particular person or group of people. Those overseeing the trust are called ‘trustees’ while those who benefit from the trust are called ‘beneficiaries’.

In the context of estate planning, a trust can be set up and trustees appointed in your Will. Once this has happened, assets will be transferred to the trustees who will have responsibility for ensuring the assets are used as you intended.

Trusts afford you a level of control in respect of how your assets will be used after you are gone. If you have concerns about passing on money or property to specific beneficiaries but still want to ensure that they are taken care of, a trust offers safeguards by allowing you to specify how these assets can be used. A trust provides advantages such as:

• Enabling you to pass on assets to the next generation or for a specific purpose
• Allowing you to manage how these assets will be used
• Providing you with a tax-efficient and flexible means of protecting the assets that make up your estate

Many people use trusts when they wish to leave assets to young family members – if you want to leave a substantial sum to a grandchild, a trust can be utilised to hold this money until they are old enough to manage this themselves. In the intervening years, trustees can be instructed to withdraw sums for the child’s benefit – for example, to pay for school fees.

For those who care for a vulnerable family member, a trust can be used to make sure they are well cared for after your death. If you have a child or sibling with a learning disability or mental health condition, you might be worried about how they would deal with inheriting a large sum. Trustees can oversee how this inheritance will be used.