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How can Sweeney Miller Law help?
There are many different types of trusts, and they can vary considerably in complexity, depending on what you want to get from them. To gain the most from them, each trust is generally tailored to the particular circumstances and objectives involved. It is therefore important to speak to a specialist legal adviser with experience in achieving the best possible results for trustees and the beneficiaries.
At Sweeney Miller Law our skilled Trusts team has worked with clients to set up trusts for a range of purposes and understands that circumstances differ from client to client, and so will work with you to ensure that your requirements are met, and importantly that you understand the process from start to finish.
We can help you set up a trust deed which plainly details the expectations for trustees and beneficiaries so that there is no room for error or manipulation, as well as advising on the overall management and ultimate closure of trusts.
To speak to a member of our specialist trusts team, call us on 0191 5682050 or email enquiries@sweeneymiller.co.uk
Trusts FAQs
The settlor is the person who creates the trust. They decide how the assets should be used.
The trustees are the legal owners of the assets in the trust. Their role is to deal with the assets in accordance with the terms of the trust, managing the day-to-day administration of the trust (including the payment of any tax due) and deciding how to use or invest the trust assets. All trustees must be aged 18 or over and mentally capable.
While you only need one trustee for the trust to continue, it is worth considering appointing at least two in case one becomes incapacitated or unable to carry out their duties.
The beneficiaries are the people who will benefit from the income or capital (or both) derived from the trust. They are able to hold the trustees to account and take legal action if they are not carrying out their duties in accordance with the terms of the trust.
There are a wide range of different types of trust, and Sweeney Miller’s experienced trusts team can explain how each of these works, ensuring that you are choosing the right one for your particular circumstances and objectives. Examples of common trusts include:
Bare trusts
Interest in possession trusts
Discretionary trusts
Accumulation trusts
