Patrick kindly brought our attention several issues that we were totally unaware of and assisted us throughout the entire process in a friendly & professional manner. Gary Cox
0117 907 1002
Willing to give peace of mind
The branch of law covering Trusts distinguishes between the right to own something and the right to enjoy the benefits of it. This has many uses, providing a means to give away assets whilst still retaining some control over them, or to disguise ownership.
Trusts have a long history reaching back to the time of the crusades. Crusader knights were abroad for years and required a steward who was able to deal with their estates in their absence, whilst they themselves retained the right to the income and benefits the estates provided. Monks bound by vows of poverty also needed someone to administer the large estates that they acquired. The English Law of Trusts was developed to accommodate these needs. Trusts are commonly used in Wills for a large variety of reasons.
Three basic forms of trust are recognised under English law:
All trusts involve a triangular relationship: The owner of property (a settlor) transfers his ownership to another (a trustee) for the benefit of a third person (a beneficiary). However, these roles often become confused, since it is possible for the settlor of an express trust also to be a trustee and / or a beneficiary under the trust he so creates. Any other beneficiary of the trust might also be a trustee.
Westbury Wills is a member of the
Society of Will Writers