Trust planning

A trust is a legal agreement that describes how property will be held for the benefit of another person.

Trusts are often used when giving advice on estate planning.  There are many types of trusts, each designed for a different purpose, offering ample choice to meet your needs. 

TRUST TERMINOLOGY YOU NEED TO KNOW 

SETTLOR

All trusts have a "settler". This is the person who creates the trust.

TRUSTEE

The trustee of the trust can be any legal individual or corporation and is responsible for managing the trust on behalf of the Settlor in line with the rules outlined in the trust document.

BENEFICIARY

The beneficiary is the person who will benefit from the trust. There can be one or more beneficiaries. An interesting thing about trust beneficiaries is that they do not have to exist at the time the trust is created. 

PROPERTY

Property is what gets assigned into a trust. Property can be any type of asset and can be transferred to the trust during the lifetime of the settlor or under the will of the settlor after death. 

WHY USE TRUSTS WITH ESTATE PLANNING 

Trusts can help accomplish specific planning goals, such as:

  • Reducing your inheritance tax liability
  • Preserving assets for children from a previous marriage.
  • Protecting a spouse's financial future by providing lifetime income
  • Generation skipping where your children are already wealthy in their own right.
  • Preventing children from inheriting property outright, giving them access when of adult age, usually 18 to 21.
  • Gifting to charities.

Bartholomew Hawkins Asset Management and Trust Planning

There are many reasons why you may choose to have a trust as part of your estate plan. Bartholomew Hawkins Asset Management can identify what trusts are suitable for achieving your planning needs. Please contact our team for more information on how we can help.

Please also see our other estate planning services:

 

 

A free consultation with our financial experts

Take advantage of our free consultation and get all your questions answered by our financial experts – call us on 029 2050 8000 or complete our online enquiry form to arrange your meeting. The first meeting is at our expense and with no obligation.