It is wise to learn more about what a trust is before deciding if you need assistance in setting up this particular legal agreement. The first step is to understand that a properly constructed trust is often a complex document that contains very specific instructions and guidelines. For example, if you want to properly direct the use of assets so that your minor child will have use of them, and use them properly when he or she comes of age, you can do that.
A trust is a legal entity, not just a document or contract. A trustee, the administrator, must manage the assets exactly as specified in writing. The person who actually possesses the assets is placing confidence in another person, thus the word ‘trust.’ The person who will receive the benefits at some point is known as the beneficiary.
What to Include
The person who owns the assets and is establishing the trust can put money or other assets in for the trustee to hold, manage, and perhaps distribute. This is sometimes done when another person cannot manage money or assets and needs help and support. Some trusts are established specifically for the care and support of the person establishing the entity in the first place. Age and mental health are often the primary reasons for proceeding in this way.
When the time comes to establish such an entity, contact experienced trust solicitors in London so that you can direct, in detail, the management and use of assets that you have in your personal possession. Legal precision is essential when taking this important step, and enlisting the proper assistance will come at some expense. However, it is difficult to put a price on the peace of mind you will have when you know the assets are being managed exactly as you stated they should be managed.
Trust Is the Key
Many legal experts who have long experience in this field suggest you have two or more trustees, chosen from family members and close friends who are reliable beyond question. It is advisable to take some time in making these choices. Talk at length with these people to make sure that everyone involved is comfortable with the idea.
Talk with your legal adviser about the trustees, especially if you are considering a bank, company or other entity. Of course it is your decision, but sage advice is always welcome with major decisions such as this. The leading firms and individual lawyers working in this special field offer practical advice that is specifically crafted for each situation.
Even the smaller estate or collection of assets can run into complexities when it is time to manage and distribute, because the legal and financial worlds have themselves become so complex. Seek the assistance of an experienced professional who will work with you and for you.
