Trusts

There is no legal definition of ‘trust’. However the HMRC gives the following definitions which may help. Click here to be taken to the HMRC page.

However, in our view a Trust is established by the formal transfer of assets to people or to a Trust Company known as the trustees. 

Those trustees hold the assets for the benefit of others.  If you set up a Trust in your lifetime this is done by a trust deed and this is often referred to as a Settlement.  If you create a trust in your Will to take effect after your death then this is usually known as a Will Trust. 

The unique character of a trust is that the trustees are the legal owners but the beneficiaries are the beneficial owners.

For further details download our information sheet 'Why Make a Trust'

To speak to someone to day then click here to find your nearest Humphries Kirk office

If you need further information about 'trusts' then please click here to find your nearest Humphries Kirk office.