Trust Solicitors Aberdeen & Stonehaven
Trusts are a valuable tool that can be used to manage and protect wealth, both now and for the future. Trusts can also be utilised to make sure that assets that you wish to be passed to young or vulnerable beneficiaries when you die will be managed in a way that gives you peace of mind. Whatever your reason for setting up a trust, our specialist team of solicitors can provide you with essential guidance and support.
The trusts solicitors at James & George Collie have many years of experience delivering proactive, professional advice on the setting up and running of trusts. Our friendly and approachable lawyers will deal with matters pragmatically and sensitively, taking the time to meet with and discuss your objectives in detail to provide solutions that are uniquely tailored to your needs.
What is a trust?
You can use a trust to hold money, property, investments and other assets. It enables one or more people – or in some cases, a company – to control your assets with the agreement that they will be used to benefit a particular person or group of people. The people who control the trust are called trustees, while those who benefit from the trust are called beneficiaries.
When used for estate planning purposes, a trust can be set up as part of your Will. Your Will can also be used to appoint trustees and identify those that you wish to benefit from the trust. After your death, assets will be transferred to the trustees who will be responsible for ensuring that they are used as you have directed.
The benefits of setting up a trust
Trusts give you control regarding how your assets will be used after you are gone. You may have concerns about how particular beneficiaries, such as those that are young or vulnerable, would handle valuable assets or large sums of money after your death. By setting up a trust, you will have the peace of mind that comes from knowing that your trustees will have a say in how these assets are managed in the long run.
If you wish to leave a substantial sum to your grandchildren, a trust can be used to hold this money until they are old enough to manage it themselves. If you care for a vulnerable family member, such as a child or sibling with a learning disability or mental health condition, trustees can oversee how their inheritance is used.
Trusts provide advantages such as:
- Enabling you to pass on assets to future generations for specified purposes
- Allowing you to manage how your assets will be used
- Providing tax-efficient and flexible solutions that protect the assets that make up your estate.
Contact our Trusts Solicitors based in Aberdeen and Stonehaven today
Our trusts solicitors are highly trained and have a current and comprehensive understanding of all aspects of trusts and tax law. We combine this knowledge with specialist expertise in all matters concerning Wills and estate planning meaning that our trusts and executries team are the perfect choice for reliable advice on setting up and managing a trust, whatever your reason for doing so.