Setting up a Trust

Trusts can be complicated, and we advise that you talk to one of our experienced solicitors if you want to set up a trust or need advice on an existing trust. We can help you to choose the right type of trust to meet your objectives. If appropriate, we can also help you to choose an appropriate trustee and guide you through the set-up, trust registration and management as needed – as well as help to resolve any disputes that may arise.

Yes, there are many different types of trust, and we can help you to choose the most suitable to meet your needs. From Bare Trusts to Discretionary Trusts, each has advantages and disadvantages that will require careful consideration in discussion with you.  You can view some of the different types of trust on The Law Society of England & Wales’s website. 

Choosing the right trustee is an important part of setting up a trust.  The trustee will look after any assets placed in the trust and will be responsible for distributing those assets in line with the terms of the trust.  Typically, a trustee is either someone known to and trusted by the settlor - the person whose assets will be held in the trust, or a professional company or person like a solicitor or an accountant.  

A trustee is legally responsible for assets held in a trust and is required to manage the trust in accordance with the settlor's wishes – the settlor is the person whose monies/assets were placed into the trust. A trustee must:

• Deal with the trust in accordance with the will or trust deed
• Manage the trust, which includes deciding how to invest trust property and/or how the trust property is to be used)
• Keep the trust property safe
• Act impartially and fairly to all beneficiaries
• Act with reasonable care and skill
• Ensure trust assets are secure
• Keep sufficient records to show that the trust has been managed properly.
• Not benefit themselves

The powers of the trustee are provided by law and will also normally be set out in the will or trust deed
Typically, a trustee has the following powers:

• To invest monies held in the trust
• To delegate certain powers to professional bodies (such as solicitors or accountants)
• To insure trust property
• To be paid for their work (where they are a professional trustee, such as a solicitor or accountant)