Trusts

How we can help

Trusts might sound complex, but they're essentially tools to manage and protect assets like properties or money. At their core, trusts involve individuals called "trustees" who safeguard these assets for another group of people, termed "beneficiaries."

People establish trusts for various reasons. They can support vulnerable individuals by overseeing finances on their behalf, or ensure long-term stability for family assets, like properties or businesses.

There are different ways to set up a trust. Some choose to create one during their lifetime, which could involve safeguarding the family home or managing funds after receiving compensation from a personal injury. Trusts can also be integrated into Wills, ensuring assets are handled as desired after passing away.

Trustees have essential responsibilities. They handle the trust's assets for the beneficiaries, produce yearly financial reports, complete tax requirements, and manage fund distributions. These tasks are vital, ensuring that the trust operates smoothly and legally.

If you're considering establishing a trust or need advice on managing one, our team at Freers Askew Bunting is here to help. With years of experience, we offer guidance on preparing trusts, either during one's lifetime or within a Will. We also support trustees, ensuring they understand and fulfil their duties effectively.

In situations where family disagreements arise about the trust's assets or when the assets are intricate, our team can step in to act as trustees, bringing clarity and expertise to the process.