The business of organising financial affairs is part of everyday life. As you reflect on your finances, you may at some point come to the decision that you wish a specific asset or some of your finances to be set aside for a specific purpose, or to benefit a particular person. This is when a trust can be extremely useful.

There are various trusts which can be useful when dealing with your assets. These include Family Trusts, Disabled beneficiary trusts and Charitable Trusts.

At Dallas McMillan, our private client team are regularly involved in working with clients to set up trusts and can advise you how these can be set up to achieve your goals. Trust law can seem complicated, and it can be difficult to know what the right option is for you. However, our team are specialists. We will work with you to understand the needs of you and your family and tailor our advice accordingly.

Below we offer some insights into what to consider when setting up a trust. However, if you have any questions, please do not hesitate to contact our team today. Contact us on 0141 465 5410 or complete our online contact form and we will be in touch.

What to Consider When Setting Up a Trust

When setting up a trust, you need to be clear on the purpose you are looking to achieve. Are you looking to protect assets for your grandchildren? Do you want to benefit your wider community? Maybe you have a disabled family member, and you want to make sure that they are looked after when you are no longer here.

All of these reasons are good reasons for considering a trust. It is important that you have a clear idea of what you are trying to achieve to ensure that you pick the correct model and to ensure that the Trust Deed accurately reflects your intentions. You should think carefully about who the beneficiaries will be and when they will be able to access funds.

You will also need to carefully consider the tax implications of holding assets in a trust. While this is a complex area of law, again, our team will be able to advise you of the tax implications of any decision you make. Different types of trust attract different tax treatment, and it is important that all options are weighed up to ensure that you pick the most efficient and tailored model for you.

Finally, it is very important to consider who the trustees of the trust should be. These will be the people responsible for administering the trust, and you should ensure that you have faith in their decision-making process. Safeguards can be built into the Trust Deed, but you should reflect carefully on how you see the trust operating, how much involvement you anticipate for yourself, and what potential pitfalls may arise.

Contact Our Trusts Lawyers Glasgow

Dallas McMillan and their private client solicitors have many years of experience of advising clients on trusts and their various uses. We pride ourselves on always putting our clients at the heart of our work. We are able to guide you through the process of establishing a trust and can then deal with the day to day administration of a trust once it is established.

If you would like to know more or if you have any specific questions relating to trusts, please contact Joyce Marshall or Rosslyn Milligan on 0141 465 5410, or complete our online contact form.