Trusts
Trusts are a highly effective method of passing assets on to the next generation and play an important role in succession planning and inheritance tax planning. They are used to separate the ownership and management of assets from those who will ultimately benefit from them. The trustees own the trust assets and are responsible for managing them in the best interests of the beneficiaries, as laid down in the Trust Deed.
Trusts can be set up by individuals either during their lifetimes or through a Will. While the beneficiaries are young, trusts frequently allow assets to be transferred down the generations on the death of the benefactor. For example, a Will written by parents of young children will nearly always contain a simple trust for their benefit.
The advantage using trusts is that they can be very flexible. A trust can either be wholly discretionary as to who benefits from the capital and/or income, or may have fixed entitlements to income or the right to inherit capital at a fixed age or date.
Trusts can be useful to help protect assets against potential risks such as business insolvency, personal overspending or matrimonial claims.
They are also frequently used in a commercial context, such as pension funds or trusts to benefit employees through company shares or other methods of reward.
Turcan Connell has the largest number of accredited specialist in Trusts Law of any Scottish law firm. Our accredited specialists are; Douglas Connell, Simon Mackintosh, Ian Clark, Heather Thompson, Alison Paul, Alexander Garden and Peter Littlefield.
We have one of Scotland's largest trust and executry practices. To find out more about the service click here.
