A trust is a legal arrangement that holds assets for the benefit of others. A trust may be created for the financial benefit of a spouse, children or perhaps a charity.

• The person who creates the trust is the settlor.
• The person who holds the assets for the benefit of another is the trustee.
• The people who benefit from the trust are the beneficiaries.

There are many types of trust arrangements available. Some are written into a will; others are standalone trusts. Each type of trust is taxed differently and some may reduce inheritance tax liabilities.

Expert help and advice

You should always take specialist advice for setting up a trust.  If you would like to find out more about what options are available with absolutely no pressure, please get in touch with us to arrange an appointment.