Property, including money assets, may be held in trust on behalf of another person or to achieve a particular purpose. A trust exists when a person (the trustee) holds the property of another (the settlor) for the benefit of named people. The beneficiaries may be the settlor or may be other people.
By creating a trust you can ensure that, should you subsequently become mentally incompetent, your affairs will be managed in a particular manner. The trust continues to be administered by the trustee for your benefit without the necessity to have you made a ward of court.
A trust is also a useful tool if you have a child with a disability and you want to ensure that they will be cared for if you become incapable or after your death.
Trusts are legally complex and have tax implications so you should take legal and tax advice. There are different kinds of trusts of which the most usual are express trusts and discretionary trusts. Discretionary trusts are especially useful if you want to provide for an incapacitated child without affecting their entitlement to State benefits. Certain trust funds for permanently incapacitated people may have tax exemptions.
By creating a trust you can ensure that, should you subsequently become mentally incompetent, your affairs will be managed in a particular manner. The trust continues to be administered by the trustee for your benefit without the necessity to have you made a ward of court.
A trust is also a useful tool if you have a child with a disability and you want to ensure that they will be cared for if you become incapable or after your death.
Trusts are legally complex and have tax implications so you should take legal and tax advice. There are different kinds of trusts of which the most usual are express trusts and discretionary trusts. Discretionary trusts are especially useful if you want to provide for an incapacitated child without affecting their entitlement to State benefits. Certain trust funds for permanently incapacitated people may have tax exemptions.