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House Clearance Liverpool & Trusts, Trust Companies & Trustees
Trust companies are companies whose sole business is to take care of trusts for people. They help you establish the trust and see it through as long as the trust is still active. They are responsible for giving out the benefits of the trust to the beneficiaries and managing the assets and finances in the trust.
The assets in the trust are legally under the name of the trust company even thought he settlor technically controls the assets. The trust company is known as the trustee, but the trustee can be a single responsible person and does not have to be a trust company. If you choose to appoint a person such as yourself or a spouse as the trustee and the trustee chooses to hold the trust contents in a bank or other agency, then that agency or bank does not have to be appointed as a trustee as well.
Deeds of Trust
A deed of trust is a document that is used instead of a mortgage. The title of the house is in the name of the trustee, but the settlor has the right to live in, sell, or use the property in any way. A deed of trust allows for the trustee to foreclose on the settlor without the necessity of a lawsuit. Deeds of trust do not have to apply to homes but can also apply to cars and other assets just like a regular trust fund.
A trust fund is made up of any assets that a person (the settlor) wants to enter into a trust. The fund is legally owned by the trustee and it is the trustee’s job to distribute the funds to the beneficiaries according to the rules laid out in the trust. If it is a revocable trust then the settlor may alter or cancel the terms of the trust at any time, redirecting the location that the trust funds go to or cancel the trust altogether returning the funds to the settlor. If the trust is irrevocable then the beneficiaries must give consent for the settlor to do so.
What is a Trust?
Trusts Simply put, a trust is an agreement that involves putting your money or other assets into an account, and then the trust company agrees to manage and distribute the assets according to your instructions. Even when simply stated this sounds a bit confusing, so here is an example of a trust, and how they work.
There is a couple named Billy and Sally. Billy and Sally are retired, and are living off of their life savings of £1,000,000. Billy and Sally are confused by all the jargon and complexities of trust accounts, so they just go ahead and live off of their money. One day Billy dies and his half of the money, £500,000, gets transferred to Sally tax free, since there is no tax on transfer to spouses after death.
Then one day Sally dies and the government takes £200,000. The other £800,000 is split between their four children, £200,000 each.
House Clearance Liverpool asks do you think it’s fair for the government to take as much money as each of the children receives? Billy didn’t so instead of using a will to handle his money after he and Sally died, he put it in a trust fund. The trust fund could be set up to give him and Sally £50 000 a year while they were alive, which is enough to live on, and if the trust was properly set up, the remainder could be passed on to the children tax free upon their deaths.
As you can see, a trust is just a financial plan that is very beneficial. They sound complex and almost out of reach at first glance, but they are not as daunting as they seem.