Property
TRUSTSTrusts are used for many different purposes and at their simplest consist of one person (the “settlor”) giving property to a second person (the “trustee”) to hold for the benefit of a third person (“the beneficiary”).There are various reasons for creating a trust including protecting assets from a feckless beneficiary whom you nonetheless wish to assist financially, providing for the education of children and grandchildren, and obtaining favourable tax treatment. Essentially there are three different types of trust. These are as follows :- 1. Discretionary Trusts The beneficiary has no right to income or capital and receives only what the trustees at their discretion decide he may have 2. Interest in Possession Trusts The beneficiary has a right to the income of the trust or the use of the asset held in the trust (usually for life) 3. Accumulation & Maintenance Trusts These are a specialised form of discretionary trust created by statute and are usually set up by grandparents to benefit their grandchildren |
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