Trusts Solicitors In Burton Green, Warwickshire
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Trust law explained
There is no single agreed definition of a trust, but one that has been accepted by the courts is as follows:
'A trust is an equitable obligation, binding a person (who is called a trustee) to deal with property over which he has control (which is called the trust property), for the benefit of persons (who are called the beneficiaries), of whom he may himself be one, and any one of whom may enforce the obligation.'
Trusts can be set up for a variety of reasons, including:
- to keep wealth and/or property within the family
- to provide funds for the education of future generations
- tax planning purposes
- to restrict the beneficiaries access to their inheritance until they are of a certain age (i.e. trust funds)
In order for a settlor to create a private express trust, the following three certainties must be present:
- certainty as to the intention of the settlor to create a trust (also known as certainty of words), the trust property being intended to be kept separate from other property of the trustee
- certainty as to the property to which the trust is to attach (also known as certainty of subject matter)
- certainty as to persons or 'objects' who are intended to benefit (also known as certainty of objects)
Finding a solicitor
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