The UK House Clearance Association

Northern House Clearance Asks How Do I Get A Trust?

Luckily getting a trust is easier than it seems. All you have to do is go to an agency that provides trusts such as a trust company or bank, and they will help you through every step of the way. It is their job to make sure that the trust is set up exactly as you want it and to make sure that it is set up in the most beneficial way to you and your loved ones.

It is never too early or too late to enter into a trust, and remember that trusts can be cancelled or changed while you are still alive. It is easy to change anything you want in the trust or even cancel the trust, if for some reason you desire to. Any assets can be included in a trust. Money, shares, land, cars, property, companies, whatever you want. Remember that trusts can also include any instructions you wish. For example, you could have a trust that releases some benefits to the beneficiaries when they reach a certain age, or if someone dies, or if they graduate a course or school. Any conditions you wish can be applied to the trust.

Who Is Involved In A Trust?

The most important person involved in the trust is you, the settlor. You own the trust and the assets that are taken care of by it. As the settlor you must appoint the trustees, the people who take care of your trust, and the beneficiaries, those who get the assets when the trust says they do. In managing a trust, the trustees are also important. Technically, the legal ownership of the assets is passed on to the trustees and it is their job to manage the assets and distribute them according to the guidelines in the trust for the benefit of the beneficiaries. You can be your own trustee if you wish, or you can appoint more than one trustee.

The beneficiaries get the assets at the time or under the conditions specified by you. If the assets contain investment portfolios then they receive the dividend cheques. If the assets are all bonds or cash investments then they receive the interest cheques. You can also set up your trust to give the trustees flexibility in determining when or if the beneficiaries receive the benefits from the trust. There are a number of different options in front of you when you set up your trust, but the trust company and trustees will be there to help you through it when you set it up.