Welland Valley Legal

Trusts are a fundamental aspect of estate planning, providing a versatile tool for managing and protecting assets. But how do trusts work in the UK , and what are their key benefits and potential drawbacks? In this detailed overview, we will delve into the various types of trusts, their purposes, and the legal framework governing them, providing you with a comprehensive understanding of this important financial instrument. What is a Trust? A trust is a legal arrangement where one party (the settlor) transfers assets to another party (the trustee) to hold and manage for the benefit of a third party (the beneficiary). Trusts can be used for a variety of purposes, including managing wealth, protecting assets, and planning for future generations. In the UK, trusts are governed by a complex set of laws and regulations that ensure they are used correctly and fairly. Types of Trusts in the UK There are several types of trusts recognized under UK law, each serving different purposes and offeri...