Trusts

A trust is a legal arrangement where assets are held by one or more trustee for the benefit of beneficiaries. Trusts can offer tax benefits, asset protection, and a mechanism to ensure your wishes are carried out. 

The settlor establishes the trust, the trustee manages it, and the beneficiary benefits from it.

Trusts may be subject to income tax, capital gains tax, and inheritance tax, depending on the type and circumstances. It’s essential to seek advice to understand the tax implications fully as they are subject to a different tax regime from those applicable to individuals or companies.

Certain trusts can be varied or changed, but it depends on the trust’s terms and relevant legal provisions.  Changes can have legal and tax consequences so specialist advice should always be taken.

Trustees must manage the trust assets responsibly, act in the best interests of beneficiaries, and meet various tax and legal obligations. 

Trust disputes can be complex. It’s advisable to seek legal representation to understand your rights and the best course of action. 

Protective trusts can be set up to shield assets from potential future creditors, but it’s essential to ensure the trust is legally sound and cannot be deemed as fraudulent. 

A revocable trust can be altered or terminated by the settlor after its creation, while an irrevocable trust cannot be usually be changed unless specific provisions are followed. 

Yes, charitable trusts can be established to benefit specific charities or charitable causes. 

Yes, trusts can hold foreign assets, but they may introduce complexities related to foreign laws and tax implications.