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 trust’s beneficiaries.
mfg can assist you in setting up a new trust or trusts, manage existing ones or bringing trusts to an end. We also regularly advise beneficiaries of trusts.
Our service is designed to help trustees meet all of their legal obligations and responsibilities and ensure the effective management of the trust. Within our practice we also have qualified professionals able to deal with the specific tax aspects arising concerning the creation and administration of trusts.
We also advise on the use of trusts for the protection of assets concerning:
- minor beneficiaries
- vulnerable adults
- divorce and separation
We can also advise comprehensively on the use of lifetime gifts into trusts, in particular ‘Family Trusts’ and so-called ‘Asset Protection Trusts’. Specialist expert advice is required in these areas to ensure that not only is the advice appropriate for the individual own particular circumstances, but also that any risks do not outweigh the potential benefits.
The use of ‘life interest’ or ‘discretionary’ trusts drafted into Wills is also an area upon which we regularly advise. These arrangements can have considerable benefit in ensuring assets pass to the next generation as fully as possible.
Our specialist team can advise.