Trusts
Overview
Increasingly, clients ask us to set up and administer trusts in the UK and to assist with establishing trusts overseas.
There are many forms of trusts. The essential characteristic is that a person (the settlor) transfers property to others (the trustees), to be managed and controlled for the benefit of either ..... or someone else (the beneficiary).
Trusts are recognised as one of the most flexible and versatile vehicles for holding and managing assets.
Taxation of Trusts
There are a number of different sorts of trusts, but usually they fall into one of the following categories.
Setting up a trust
A further modern development is that the trust is not now established entirely for the benefit of the beneficiaries. The modern characteristic is that a trust is often set up to achieve an advantage for the settlor. It is, nevertheless, a trust. Although the motives of the settlor may not be to provide for his children or others, but for his own advantage, it is however a trust.
Some Modern Uses of Trusts
Clearly one of the modern uses of trusts is the traditional use and where there is the transfer of the benefits of assets to a beneficiary but some of the legal attributes of ownership are withheld and given to trustees.