trustees
The key characteristic of a trust is that it permits the separation of legal ownership and beneficial interest: the trustees become the owners of the trust property as far as third parties are concerned, and the beneficiaries are entitled to expect that the trustees will manage the trust property for their benefit.
Can a trustee purchase trust property?
Arising out of its inherent jurisdiction in matters relating to trusts, a court of equity has the power to approve a purchase of trust property by a trustee.
How are Will Trusts and lifetime trusts structured?
Will trusts and lifetime trusts can be structured in one of two ways: 1 fixed interest, where the first beneficiary has an absolute right to occupy the house and receive the income from any… 2 discretionary, where the trustees have a pool of potential beneficiaries and have a discretion how to benefit any of the… More …
Are there any tax advantages to setting up a trust?
Establishing trusts can give you an element of control over assets you wouldn’t have if you gave them away outright. There can also be tax advantages, but that should never be the main reason for setting one up. In some cases, you could end up paying more tax by putting assets into trust.
Can a home be gifted to a lifetime trust?
Your home is gifted to the trust, which allows you to carry on living in it. It is generally not possible to use a lifetime trust to exempt your home from the local authority’s calculations of your assets, when assessing your care home costs.
When do you need to set up a will trust?
Will trusts and inheritance. Another reason for setting up a will trust is to avoid ‘sideways disinheritance’. This occurs when the first partner dies, leaving children from the marriage who might reasonably expect to inherit some of the family estate in due course.
