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Guide to Family Trusts

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Guide Contents

Family Trust

What is a Family Trust?
Why a Trust Fund?
The different types of Family Trusts
How to put assets into a Family Trust Fund
Frequently Asked questions about Family Trusts
Where to get more help and advice about Family Trusts

What is a Family Trust?

A trust is a legal way of giving something you own to somebody. It is a legal contract which gives responsibility to a group of people or a company to take care of a particular asset.

There are three main groups of people which are involved in family trusts;

  • Settlor: this is the person who originally owns the asset
  • There are laws governing family trusts & they vary from England & Wales to Scotland. Therefore, it's wise to seek legal advice before starting a trust.
  • Trustees: these are people who have been chosen by the settlor to manage the trust and ensure that all the terms and conditions, which are set out in a legal document known as deeds, are adhered to.
  • Beneficiaries: these are the people who are going to benefit from the trust.

In many cases there are conditions attached, these are listed in a document known as a deed. The deeds may state; when the beneficiary can access the benefits from the funds

  • what benefits can actually be received
  • who can receive the benefits
  • how the assets maybe used

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