UK Trust Services
What is a trust?
Fortress provide an array of trust solutions, from creating trusts, acting as professional trustees and reviewing existing trust structures.
If you are looking at doing some trust planning, as a starting point you may be thinking, what is a trust?
A trust is a way of managing and housing assets (money, investments, land or buildings) for people and is commonly used in estate planning.
- the ‘settlor’ – the person(s) who puts assets into a trust
- the ‘trustee’ – the person(s) who manages the trust
- the ‘beneficiary’ – the person(s) that can benefit from the trust
What are trusts for?
Trusts are set up for a number of reasons, including:
- to control and protect family assets
- when someone is too young to handle their own affairs
- when someone can not handle their affairs because they are incapacitated
- to pass on assets while you’re still alive (lifetime gifting)
- to pass on assets when you die (a ‘will trust’)
- under the rules of inheritance if someone dies without a will (in England and Wales)
There are different types of trusts and they are taxed differently. For more information, please click here.