Unlocking The Benefits Of Trust Funds With PJE Solicitors

You’ve probably heard of a trust fund before, but you may be wondering what they really are and why people set them up. Our blog dives into what trust funds are, and how they can benefit your family. To learn more about trust funds with PJE Solicitors, keep on reading! 

Trust Funds Explained

A trust fund is essentially an arrangement, made for handling assets and wealth. Different kinds of assets can be put into a trust fund, such as:

●    Cash

●    Property

●    Land

●    Shares

Trust funds can also be set up for a number of reasons, usually to protect assets. They can also be set up for:

●    Children who are too young to benefit from the trust fund yet

●    When someone may not be able to handle or organise their assets appropriately

●    Passing on assets when the settlor is alive, or has passed away

Settlors, Trustees & Beneficiaries

Three important terms to get our heads around are settlors, trustees and beneficiaries.

Settlors

Settlors are the individuals who decide how the assets in the trust will be used and divided up. This is usually outlined in a ‘trust deed’. Typically, the settlor won’t benefit from the trust fund, but this can be possible.

Trustees

Trustees are the individuals who are the legal owners of the assets in the trust. They will manage the assets, paying any tax that is due or investing the assets as they see fit.



Beneficiaries

There could be more than one beneficiary, like an entire family. They may share in the capital generated by a trust (e.g. receiving rent from a house that has been rented out)

Benefits Of Trust Funds

There are a range of benefits that come with setting up a trust fund, read below to learn more:

●    Passing on assets - One of the most important reasons why families might set up trust funds is because assets can be passed down to heirs without going through probate (which can be costly).

●    In the unfortunate event of a divorce of bankruptcy, having a trust fund is a great way to protect your assets. If you have younger children, the trust fund can help you protect their assets while they don’t have access to them.

●    Control - Part of the reason trust funds are set up is to allow control over asset and asset distribution. This can give you peace of mind regarding your legacy and possessions being passed down to younger generations.

PJE Solicitors: Trust Funds, Probate Solicitors & More

If you’re looking for legal advice regarding your trust fund, or looking for reliable probate lawyers, look no further. Our team of experienced legal solicitors are renowned for their excellent legal services and support.

For further enquiries or questions, feel free to get in touch with us today. Our team of lawyers will be happy to help you with any questions you might have.