Trust Formation and Administration
Dealing with values of trust funds administered varying from £5,000 to £5,000,000, the Trust Unit acts for a range of different clients.
Trusts created under a Will or during a person's lifetime for a specific purpose:
- Accumulation and Maintenance Trusts
These trusts are for children, usually where a grandparent puts funds in trust for a child under the age of 18. The income from the trust's investments is accumulated until the child reaches a certain age, when the trust fund can then be paid over to them. In the meantime the trustees can use the accumulated income to maintain the child, which usually takes the form of paying school fees. - Discretionary Trusts
The trustees only have to make a distribution if they think it is right to do so, at their discretion. This type of trust is also a useful tool for inheritance tax planning. - Life Interest Trusts
This trust gives a person called the Life Tenant the income from the trust's investments for a limited period, usually their lifetime. - Bare Trusts
Trustees hold trust property on trust, with no duty to do anything with it except transfer it when asked to do so by the benefial owner of the property. The trustees are like agents who look after the property, which is in their names.
Personal Injury Trusts
When someone receives compensation for a personal injury they have suffered, they can put the compensation into a trust to protect their entitlement to receive state benefits.
Charitable Trusts
A charitable trust allows trustees to hold and administer trust property for the benefit of a charity and its specific purposes, such as for the elderly, infirm, those in need or suffering financial hardship.
Key Contacts
Colleen Douglas, Senior Manager