Apr 29

The Different Types of Trusts, Courtesy of Will and Probate Solicitors

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The Different Types of Trusts, Courtesy of Will and Probate Solicitors

The Trust is a relationship in which one party holds the property for the benefit of another party. The people responsible for holding the property are known as the trustees whereas the people for whom the property is being held are known as the beneficiaries. The following text elaborates on the different types of Trusts that Will and Probate Solicitors are capable of working with.

The Nominee Trust:-

The Nominee Trust, also known as Bare Trust, the beneficiary has absolute right over the capital or income held in the trust and the trustee has no preference in handling these assets.

Discretionary Trust:-

In a way this type of trust is the exact opposite of nominee trust in the sense that the trustees have freedom of choice for how the assets secured in the trust are to be used. The amount of say of the trustees is however laid out clearly in the trust deed. If you believe that a trustee is being unfair to the trust deed you should seek the assistance of Will and Probate Solicitors.
Interest in Possession Trust:-

This type of trust is somewhere in between the above two mentioned in the sense that the beneficiaries have right over all of the income generated from trust only, often this type of trust gives exclusive right to the income to one beneficiary while another beneficiary might receive all of the assets upon the death of the first.

For more information, get in touch with the Will and Probate Solicitors at WalkerWise Solicitors on 01254 300 966 or email enquiries@walkerwise.co.uk.