Trusts: An Overview

If you’re looking for a way to manage and protect your assets, a trust is one  option you should consider. At Peter O’Connor & Son Solicitors, we can help you create a trust tailored to your specific needs. These legal tools offer individuals the means to ensure their assets are utilised and distributed according to their intentions, providing both flexibility and security. We aim to provide you with a clear understanding of the basic aspects of trusts, their purposes, and their implications.

What are Trusts?

Trusts are legal arrangements where one party, the settlor, transfers assets to another party, the trustee, to hold and manage for the benefit of a third party, the beneficiary. These arrangements can be tailored for various purposes, from wealth preservation to tax planning.

Key Features of  Trusts

  • Control & Flexibility: While the assets are transferred to the trustee, the settlor can dictate specific terms, conditions and parameters under which the assets are managed and distributed.
  • Asset Protection: Trusts can protect assets from potential creditors, legal claims, or other unforeseen liabilities.
  • Tax Implications: Properly structured trusts can offer potential tax advantages, both for the settlor and the beneficiaries.

Establishing  Trusts

To set up a Trust:

  • Contact your legal and tax advisors and seek their guidance.
  • Determine the purpose and terms of the trust.
  • Select a trustworthy and competent trustee.
  • Transfer the assets to the trust, ensuring all legal formalities are observed.
  • Document the trust deed, detailing the terms, conditions, and responsibilities of all parties involved.

Why Consider Trusts?

  • Estate Planning: Trusts allow for a structured distribution of assets, ensuring that beneficiaries are provided for in specific ways and at specific times.
  • Wealth Preservation: They offer a means to protect and grow wealth, ensuring assets are managed prudently.
  • Charitable Endeavors: Charitable trusts enable individuals to support causes they care about, ensuring funds are used appropriately.

How Peter O’Connor & Son Solicitors Can Assist

Our team offers expert guidance on all matters related to trusts. We provide:

  • Asking the relevant questions and proposing bespoke solutions.
  • Assistance in establishing trusts tailored to your specific needs and objectives.
  • Expertise in understanding the tax implications and potential benefits of various trust structures.
  • Ongoing support for trustees in the administration and decision-making processes of the trust.

Trusts are  one powerful tool utilised in asset management, offering both protection and purpose. At Peter O’Connor & Son Solicitors, we are dedicated to guiding our clients through the intricacies of establishing and managing these arrangements. Whether you’re considering setting up a trust for estate planning, wealth preservation, or charitable purposes, our team is here to provide expert advice and support.

Note: This content is designed to provide a general overview of settlements and trusts. We encourage you to consult directly with our expert team for specific legal advice tailored to your unique situation.