They can be useful where:
- There is (or is the potential for) family conflict
- One or more beneficiary is having marital difficulties (either now or potentially in the future)
- There are assets in a business
- There are vulnerable beneficiaries, for example:
- beneficiaries who are minors
- beneficiaries who have physical or mental disabilities
- beneficiaries who have addiction issues
- beneficiaries who have a history of poor decision making, or are easily led
- beneficiaries with financial issues (e.g. bankruptcy, or are just bad at dealing with money)
- beneficiaries are in receipt of means tested benefits or care and additional support is desired to be given without causing the
- beneficiary to lose those benefits.
Each trust has its own legal identity and tax status and is managed by the trustees in accordance with the law and the terms of the trust as set out in the trust document.
In a fixed interest trust it is clear who will benefit, but with a discretionary trust it is important to note that the trust document only identifies potential beneficiaries of the trust and it is at the trustees’ discretion who will actually benefit from the trust, how those beneficiaries will benefit from the trust and when those beneficiaries will benefit.
We have substantial experience in establishing, advising upon and managing trusts, so please do not hesitate to contact us if you would like advice regarding either the creation or management of a trust
New Year New Beginnings
New starters for 2022, an experienced Chartered Legal Executive and a Conveyancing Paralegal.
Coupe Bradbury on the Move
Coupe Bradbury’s Lytham office is no longer based at The Chapel House. From December 2020, Coupe Bradbury’s Lytham office has been relocated.
We would like to thank the Corporate & Commercial Department for completing our company sale and dealing with all of the complexities that arose. It was reassuring to have such a professional team representing us.Mr & Mrs R