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TRUSTS GUIDE

 

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Trusts Guide

INTRODUCTION

 

The information contained in this summary is intended to outline in general terms the nature of a Trust, some of the potential benefits of a Trust, the various steps which are involved in setting up a Trust, transferring an asset to that Trust, and the role which Currie Lawyers as solicitors will play in assisting you to set up a Trust.

Please note that your own circumstances may involve aspects which are not expressly mentioned in this guide.  Similarly, there may be information contained in the guide, which is not relevant to your own situation.  This is a general guide only.

WHAT IS A TRUST?

A Trust is an arrangement whereby a person known as the ‘Settlor’ transfers ownership of property to another person or persons, the 'Trustees’ for them to hold on behalf of third persons, the ‘Beneficiaries’.  The assets are placed under the control of the Trustees for the benefit of the beneficiaries or for a specified purpose.

A Trust is a separate legal entity.  The Settlor no longer has a legal interest in the assets transferred. This is important from a banking perspective because the basis of lending (usually the beneficiary’s income) and the ownership of assets may be separated.  It has been said, “the reason a Trust is used is simple.  There is no other way of safely protecting your assets”.



 
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