What is a Trust?
A Trust is a legal vehicle whereby Trustees hold assets to be used for specific purposes and for the benefit of one or more specified beneficiaries.
Under Scottish law Trusts meet a range of objectives:-
- Asset management e.g. where funds are managed for a particular purpose, as in a charity or in the highly technical area of Pension Funds.
- Asset preservation e.g. where funds are held until a particular event as in the case of a younger beneficiary who will only receive assets when they reach a specified age.
- Asset protection e.g. where funds are protected within the Trust against claims of creditors and other 3rd parties. A major use of Trusts occurs in tax planning to mitigate the impact of taxation and to protect the underlying value of estates.
Each country has its own legal system of Trusts. Scottish law recognises various types of Trust many of which are subject to highly technical tax provisions, or where the Trustees have a particular duty of care, or where there is a range of legislation which impacts upon the management of the Trust and the conduct of its Trustees. The law of Trusts is a complex area of law requiring specialist knowledge and experience.
How can Miller Hendry help?
We look after a large portfolio of Trusts ranging from charities to tax and investment planning vehicles. This has allowed us to develop a specialist expertise in Trust creation, administration and re-organisation.