The basic principles of Trusts date back many years and have been a feature of the English legal system for centuries. Setting up a trust involves giving assets to trustees, who then manage the assets for the benefit of the named beneficiaries in accordance with the terms of the trust.
The use of trusts for the purposes of asset protection have soared over recent years. Trusts are no longer used by just the extremely wealthy in society. The most common ones we are asked to establish are asset protection trusts, personal injury trusts and declarations of trust.
Asset Protection Trusts (Family Trusts)
There are a lot of advantages to setting up an asset protection trust/family trust:
There are obvious potential benefits of setting up these trusts, but it is also important that you are made aware of potential dangers and risks (something often omitted by the ‘travelling salesmen’ companies that also undertake this kind of work).
If you want to be in possession of the full facts before you make decisions about establishing trusts, call one of our solicitors to arrange a free, no obligation appointment to discuss your affairs.