Setting up a Trust
Victoria Norman and Sarah Inman, solicitors in BRR Law’s Wills and Probate department, can assist you with setting up a trust and with the ongoing administration. Both have over lO years PQE and act as professional trustees for a number of our clients.
What is a trust used for
Trusts can be used for a number of reasons such as:
• To protect and control assets
• To pass on assets either when you are alive or after you have died (a will trust)
• Safeguard assets for a minor or incapacitated beneficiary
• Estate planning
Who is involved
• Settlor – person who sets up the trust
• Trustee – manages the assets. This can be anyone you trust, over the age of 18 years. Some clients will appoint a solicitor as a professional trustee
• Beneficiary – the person who benefits from the trust
Types of Trust
There are a number of different types of trust. The main ones this firm deal with are:
• Bare trusts
• Interest in possession trusts
• Discretionary Trusts
We also work closely with the Personal Injury and Medical Negligence department for setting up Personal Injury Trusts for their clients who receive compensation.
If you’re considering setting up a trust and need guidance from our Wills and Probate team why not call today on 01724 854000.
Last Will and Testament
Court of Protection
Lasting Powers of Attorney
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