Trusts Solicitors Lanarkshire
A trust is a way of holding money, land, buildings and other assets for the benefit of others. A trust is managed by trustees who oversee the managing of the trust in accordance with the benefactor’s wishes. There are legal requirements which must be met when setting up a trust which is why it is important to instruct a trusts solicitor.
Setting up a Trust
The most common reasons for setting up a trust are to protect assets for someone who is unable to handle their own affairs (normally because they are too young), or to protect one’s own assets from creditors or from being liable to tax. Conditions can be imposed on a trust, meaning the beneficiary is only entitled to benefit when they have met these conditions, for instance, when they reach the age of 21.
A trust is managed by ‘trustees’. They are the legal owners of the property and they are responsible for managing the trust in accordance with the wishes of the benefactor and for disbursing the trust’s assets appropriately.
Trust law is complex, and managing a trust can also be complex. Contact our trust solicitors based in Strathaven for advice on setting up, running or managing a trust.
Trusts Solicitors Glasgow & South Lanarkshire
We help our clients set up and manage trusts in Glasgow and throughout Lanarkshire.
No matter where you are based, we have the expertise to help.