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How does a trust work?
What is a trust account?
What is a trust fund & how does it work?
Who manages the assets within a trust?
Aug 30, 2022 · A trust is where money or other assets are held on behalf of somebody else (known as a beneficiary).
- What trusts are for
- What the settlor does
- What trustees do
- Beneficiaries
- If you need help
Trusts are set up for a number of reasons, including:
•to control and protect family assets
•when someone’s too young to handle their affairs
•when someone cannot handle their affairs because they’re incapacitated
•to pass on assets while you’re still alive
•to pass on assets when you die (a ‘will trust’)
The settlor decides how the assets in a trust should be used - this is usually set out in a document called the ‘trust deed’.
Sometimes the settlor can also benefit from the assets in a trust - this is called a ‘settlor-interested’ trust and has special tax rules. Find out more by reading the information on different types of trust.
The trustees are the legal owners of the assets held in a trust. Their role is to:
•deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will
•manage the trust on a day-to-day basis and pay any tax due
•decide how to invest or use the trust’s assets
There might be more than one beneficiary, like a whole family or defined group of people. They may benefit from:
•the income of a trust only, for example from renting out a house held in a trust
•the capital only, for example getting shares held in a trust when they reach a certain age
•both the income and capital of the trust
Contact a legal adviser or tax adviser. They can also talk to HM Revenue and Customs (HMRC) on your behalf if you give them permission.
You can also get help from the Society of Trust and Estate Practitioners.
Feb 12, 2024 · A trust is a legal arrangement to ensure a person’s assets go to specific beneficiaries. Trust accounts can hold bank accounts, houses, cars or other assets.
A trust is a way of holding assets to benefit someone (known as a beneficiary) without that person owning and controlling the assets themselves. The assets within the trust, known as the trust fund, are managed by trustees for the benefit of the beneficiaries.
Apr 12, 2024 · Trusts are legal entities that allow someone to benefit from an asset without being the legal owner. A will trust is created within your will to allow you to protect property you hope to pass on to your family.
A trust is a legal arrangement where one or more people or a company (called the trustees) controls money or assets (called the trust property), which they must use for the benefit of one or more people (the beneficiaries).
6 days ago · Key Takeaways. A trust fund is designed to hold and manage assets on someone else's behalf, with the help of a neutral third party. Trust funds include a...
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