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What is a trust?

A trust is an obligation that binds a person, known as a trustee, to look after property and/or assets in a given manner for the benefit of the beneficiaries.

What does a trustee do?

The trustee is ultimately responsible for the administration of the trust property or assets, and as such is responsible to the beneficiaries. Our helpsheet for trustees sets these out in more detail.

How is a trust created?

A private trust is most commonly created by a deed, whereby one person (the settlor) places property into the possession of their trustees for the benefit of their intended beneficiaries. There are several types of trust, of which the main varieties are outlined briefly below. For a more detailed critique, please read our article concerning the recent tax law changes to trusts.

For further information on how we can help you with trust-related matters, please click on the links below:

Trusts and self-assessment
Trusts and tax
Types of trusts

Our service

mfg Solicitors can assist you in setting up new trusts, or in managing existing ones. Our service is designed to aid you in meeting all of your responsibilities, and ensure effective management of the trust. Within the firm we have qualified professionals dealing in tax and accountancy, as well as the legal advice you would expect from a firm of solicitors. This is why we can offer such a diverse and broad service.

Put your trust in mfg Solicitors LLP
Trusts for Vulnerable Beneficiaries or those with Learning Disabilities

related links

succession planning
offshore tax planning
taxation for farms and landed estates
inheritance tax & estate planning

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