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This page is intended to introduce you to the basics of trusts, covering areas such as the parties to a trust, the reasons for setting up a trust and the appointment of additional trustees.

What Is A Trust?

There are various definitions as to what a trust is, but in simple terms a trust is a means of arranging property for the benefit of an individual whilst placing control of it with another party (known as the trustee).

   Who Are The Parties To A Trust?

 

   Why Should An Additional Trustee Be Appointed?

Consideration should always be given to appointing at least one additional trustee (in addition to the settlors).
 

   Who Should Be Appointed A Trustee?

In a nutshell, someone that the settlor trusts. The (settlor) is normally appointed as one of the trustees in order to retain an element of control over the property that he/she has settled. In general, there is no restriction on who can be a trustee except that they must be aged 18 or over (16 in Scotland) and of sound mind.
 

   What Are The Benefits Of Settling Property Into Trust?

There are various different reasons why an individual may choose to set up a trust with his/her property but the following are the main ones: