But what does this mean?

• This means that much like a triangle, there are three points to a trust.
• Firstly, there must be an intention to have a trust.
• Secondly, certainty on who is to benefit.
• Thirdly, certainty of what assets are going into the trust.
• Trustees are appointed to be the legal persons in charge of the trust. They will administer the income and capital and take legal ownership of all trust assets.
• Trustees in a discretionary trust, will have discretion on which beneficiaries you have named in the trust will benefit from income and capital of trust assets.
• Trustees are subject to many duties and powers which enable them to handle and make decisions about trust assets whilst always balancing beneficiary interests.
• Trusts are used to reduce tax liabilities, protect vulnerable beneficiaries, reduce how much you pay for care home fees and protect business assets.
• Every trust in the UK must now be registered with the trust registration service. This will help HMRC keep records on when trustees are due to pay any tax on a trust.
• Trusts are complex and it is recommended that a trust is set up by a fully qualified solicitor and ideally someone who is also accredited as a Trust and Estate Practitioner.

This means that much like a triangle, there are three points to a trust. Firstly, there must be an intention to have a trust.

Secondly, certainty on who is to benefit.

Thirdly, certainty of what assets are going into the trust.

Trustees are appointed to be the legal persons in charge of the trust. They will administer the income and capital and take legal ownership of all trust assets.

Trustees in a discretionary trust, will have discretion on which beneficiaries you have named in the trust will benefit from income and capital of trust assets.

Trustees are subject to many duties and powers which enable them to handle and make decisions about trust assets whilst always balancing beneficiary interests.

Trusts are used to reduce tax liabilities, protect vulnerable beneficiaries, reduce how much you pay for care home fees and protect business assets.

Every trust in the UK must now be registered with the trust registration service. This will help HMRC keep records on when trustees are due to pay any tax on a trust.

Trusts are complex and it is recommended that a trust is set up by a fully qualified solicitor and ideally someone who is also accredited as a Trust and Estate Practitioner.