There are a lot of misconceptions and myths about trusts. Many people think they are only relevant to the very wealthy or the landed gentry. Trusts can however be relevant to anyone and can help resolve problems or worries. However to do this trust must be carefully worded and must be the right thing to do for a particular situation.

What is a trust? A trust arises when a person (called a Trustee) holds or controls something for the benefit of another person or persons (the Beneficiary or Beneficiaries). There are many different types of trust and it is important that the correct type is used to achieve the desired goal. In its simplest form a savings account opened for a child in the name of an adult is a form of trust.

Why use Whitaker Firth? For a trust to work properly it must be correctly set up and be appropriate for the desired outcome. A solicitor can advise on the different types of trust and which trust would, if any, be appropriate to your aims. In some cases it may not be the best thing for you to form a trust and if this is the case we will tell you. Our lawyers can advise on the tax implications of setting up a trust, deal with registration of the trust with H M Revenue and Customs and all the associated paperwork to ensure the trust operates smoothly. We will also liaise with financial advisors and other institutions so as to ensure the right trust is prepared for the right reasons. Don’t be frightened of trusts – but also don’t be talked into making a trust by someone who doesn’t fully understand what a trust can, and more importantly, cannot do. Contact Whitaker Firth for clear and independent advice.