A case handler’s thoughts on trusts

 

By Richard Probert

They could be a terribly exciting thing, if you added some exciting features. However, seriously, trusts are maybe not the most exciting topic in the world but it is a crucial one to consider when thinking of what you would like to leave to who when you pass away.
 
But what exactly is a trust? A trust in its simplest description is a relationship whereby property (real or personal, tangible or intangible) is held by one party for the benefit of another.
 
Once the definition is understood, the concept of a trust thus begins to mean something quite important to us all. None of us wish our hard earned valuables, be they mere sentimental or high value items, to fall into the wrong persons’ hands after we're gone. As such, we look towards someone we can trust to do the job of making sure that this is done in accordance with our wishes. Someone we can trust to hold on to it until that time too. 
 
What should be contained within a trust? Most importantly is the objective of the trust. What are you looking to achieve by setting one up. Basically you can set up one aimed at a single objective or several goals. This is entirely up to you. You also need to decide on what specific trust you need. There are different ones to choose from based on your objectives. You, of course, need to also state a beneficiary and a trustee. The beneficiary would be the person or party receiving the stated property to them. The trustee would be the person or party of people left in charge of the estate and they need to be informed and understand all rules related to that trust to make sure they adhere to them. 
 
So what sort of solicitor would handle this sort of work? Usually a solicitor that can assist with wills and probate matters can also help you with trusts. It is important to make sure that the chosen solicitor has experience with trusts, as it is a specialist and sensitive area of law that needs the right mix of experience and rapport from the solicitor to ensure the right level of service is delivered. 
 
Dealing with many clients looking to hold their property and estates in trust, I have come to realise that the relationship with the solicitor is just as important as their expertise in these matters. Clients need someone they can get on with on a normal level and make sure that their wishes are grasped and understood fully. In essence you need to trust the solicitor. 
 
So where do you find the right solicitor to assist? Contact law has an extensive network of solicitors experienced in trust law that can assist with planning your trusts. Please give us a call and one of our trained case handlers will be happy to find the right solicitor for you.
 
Richard Probert is one of Caven’s most knowledgeable case handlers with extensive experience in this matter from dealing with clients on a day-to-day basis.
 
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