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Trusts

There are several types of trust available under Scottish law, but generally all are created with the object of either saving tax or preventing an asset falling into the wrong hands. Put simply, a trust is created when somebody transfers property, either while they are alive or when they die, to somebody to hold for the benefit of a third party.

In some cases, the Trustees may be given complete discretion as to how they dispose of the asset and they can decide when and to whom the asset is to be transferred. In other cases they may be told exactly when and to whom the asset is to be transferred. Trustees may be charged with the duty of managing the trust fund, as in the case of a share portfolio, or they may simply be asked to hold, for example Savings Certificates, as nominees. Whatever the reason, you will require the expert advice of your solicitor in deciding which kind of trust would be best suited to you.

Paris Steele W.S. have many years of experience in dealing with trusts and would be happy to advise and assist you in that connection.