The introduction of the Trustee Act 2000 marked a change in an area of law which had remained largely unchanged for 75 years.
You may ask how trust law affects you or how it has any relevance to your life.
Most people are trustees even if they do not know it, for example if you own a house with another and the house is in your joint names, you are a trustee of land!
Trusts have a variety of uses which include:
• Providing for the vulnerable.
• Passing assets to children in a tax efficient way.
• Safeguarding an inheritance.
• Saving Inheritance Tax.
A trust is administered by the trustees. They hold the trust assets for the benefit of others. With a few limited exceptions (such as children and bankrupts) anyone can be a trustee.
But a trustee has legal responsibilities and the job should not be undertaken lightly.
There are several types of trust. At Mackarness at Lunt we have the experience to advise you about the type of trust that will fit your circumstances and all associated considerations. If you have any questions then please contact Michael Parr or Sarah Baker.