In the course of organising your affairs, you may wish to protect your assets (for example, if you are worried about care home fees) or provide for very young members of your family. In both of these cases, it may be appropriate to draw up a Trust.
A Trust is a private legal arrangement where the ownership of your assets (such as property, shares or cash) is transferred to other members of your family or close friends. They would become your trustees, and would be charged with looking after these assets for the benefit of third person, or group (e.g. young children or grandchildren). These Trusts can take effect during your lifetime (a “lifetime settlement”) or shortly after death (a “will trust”).