“Put not your trust in money, but put your money in trust.”
Oliver Wendell Holmes from his series of essays entitled The Autocrat of the Breakfast Table (1858).
Trusts are a great tool in helping us to protect our cash and property; and when used with a Will can ensure your cash and property are passed on in accordance with your wishes after you die. Trusts are generally used to protect assets on behalf of the following:
- a spouse
- a person too young to handle their affairs
- the effects that the re-marriage of the survivor may have on children from the original marriage
- to pass on money or property while you're still alive
A Trust is a legal arrangement with an obligation binding a group of people called trustees to deal with assets such as (cash and property) in a particular way for the benefit of one or more ‘beneficiaries.’
They are a number of different types of trusts that can be used to protect assets depending on the objective of the trust. It is recommended that you seek specialist advice.
