Establishing & Administering Trusts
A trust is where a person transfers something of value (such as a property) to another person called a trustee, who then manages and controls that asset for the benefit of a another person (in Wills this is generally the minor children or children with special needs) called a beneficiary.
Trusts have several uses, but the most common use is a Will whereby a parent leaves their estate to their children but their children are minors or have not reached the age in which the parent wishes them to receive their inheritance (sometime people will specify 23 or 25 as the age in which they want the trust distributed) . The Trustee looks after the estate until all children have reached the specified age. The Trustee uses the estate for the benefit of the children.
A discretionary trust is also advisable where you have a beneficiary who has special needs in order to protect their future needs in the event of the parent or guardian’s death.