Writing A Trust – What Are The Roles Of The People Involved
There are three very distinct personnel involved when you write a trust and it is the job of our London based Will Writers to explain each of them, and this can be done in the comfort of your London home.
The Settlor
If you write a trust you are known as the settlor. The role of the settler is to appoint trustees to administer the trust and decide who the beneficiaries will be. They will of course, be the person who decides what assets or property go into the trust. So who can be a trustee, well someone aged 18 or over, who is of sound mind.
The Trustees
The Trustees are the persons you choose to administer the trust fund for the sole benefit of the beneficiaries
Our London based Will Writers are trained to assist you in the selection of your trustees. Our Will Writers will emphasis the important of choosing someone who is financially astute as it is the role of the trustees to make sure the money is invested wisely.
When creating a trust our Will Writers are trained to challenge potential conflicts of interest. They also ensure that when we write a trust at Niche Advice we give strict instructions that a minimum of two trustees are appointed. We have borrowed this best practice from Scottish legislation and applied here in London.
Finally, one or more of the trustees could be a trust Corporation to help give a professional judgement.
The Beneficiaries
These are the recipients of the benefits you are giving away. How and when they receive the assets can be specified.
Hopefully this has given a clear picture of who is involved in the trust writing process and our Will Writers are on hand if you decide to make a trust.
Richard Stokes
Niche Wills in London | Will Writers in London
Members of The Society of Will Writers
www.nichewills.co.uk
