Very simply a trust is an arrangement where one or more persons hold property (Trustee(s)) on behalf of somebody else (beneficiary). Your Trustees may be family or a professional such as an accountant or a Solicitor depending upon your circumstances and the complexities of the Trust.
The Trust is managed according to a document (Trust Deed) which is governed by various pieces of legislation. Trustees are under a strict fiduciary duty to manage all trust assets in the best interests of all the various beneficiaries named in the trust deed. Your personal wishes for how you would like the Trust to be managed will also sit alongside the Trust Deed in your memorandum of wishes.
You can create a Trust in your life time or in a Will.
There are many different reasons for creating a trust such as;
There are many different types of Trusts and the advice you will receive from Waddington and Son covers all aspects of making, managing and winding up a Trust.
If you would like to talk to someone regarding a Trust, then please contact Burnley 01282 426666, or Blackburn 01254 913203 or email firstname.lastname@example.org and one of our team will be only too willing to help you.