Family Trusts - LCS Legal Dawlish

An introduction to family UK trusts

Trusts are additional to your Will and offer a means of holding and managing money or property for people who may not be ready or able to manage it for themselves. Trusts can protect assets such as your home. They can help ensure that your assets are passed on in accordance with your wishes after you die.

Creating a trust
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Example of when a trust might be created

1

Minor Beneficiary Trust

For young people under 18 years who legally cannot manage their affairs.

2

Disabled/Vulnerable Beneficiary Discretionary Trust

Where someone cannot manage their affairs because they are mentally incapable or vulnerable for whatever reason.

3

Property Trusts

• To ensure an ongoing home for someone after your death.
• Ensuring that specific beneficiaries inherit.

4

Annuity Trust

To ensure that regular financial commitments prior to your death are able to continue after you die i.e. maintaining children or sponsorships.

5

Beach Bum Trust

A way of incentivising young people to work and be responsible.

6

Protective Trust

Bespoke Trusts for when there are special considerations that need to be included within a Will.

FAQ on Trusts

Trusts offer a means of holding and managing money or property for people who may not be ready or able to manage it for themselves. Trusts can protect your assets such as your home. They can help ensure that your assets are passed on in accordance with your wishes after you die.

A Trustee should be appointed to legally manage and administer the Trust in accordance with the wishes of the person creating the Trust.

A Trust can either be set up by you during your lifetime or by your Trustee after your death and in accordance with your Will.

Trustees are the 'legal owners' of any Trust property, they manage and distribute the Trust assets. There can be one or more Trustees.

This can be anything including land or buildings, investments, money, antiques or other valuable property.

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