A Trust is an arrangement by which property is handed over to Trustees to be applied for the benefit of other people, known as Beneficiaries. A Trust is a very flexible way of separating the control and long term preservation and devolution of capital from its immediate enjoyment.
A Trustee is a person who, usually alongside up to 3 others, is responsible for the proper running of a Trust.
Trustees' responsibilities
Trustees have a legal duty to manage a Trust for the benefit of the Beneficiaries in a prudent and sensible way. Although you can, when necessary and if permitted by a Trust Deed or general law, employ people to help you, a Trustee ultimately is personally liable to the Beneficiaries for the proper administration of the Trust.
Types of Trust
Trusts vary depending upon the intention of the person making the Trust. Traditionally Trusts have fallen into several categories such as Discretionary, Life Interest and Accumulation and Maintenance.
Healys' Private Client Team can advise on the suitability of a Trust and, if required, the appointment of Trustees.
