Establishing a Trust - Turner Little
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Establishing a Trust

Establishing a Trust.

Establishing a trust requires a Trust Deed to be drawn up which specifies your wishes, lists grantor, beneficiaries and trustees to manage the assets and describes what the trustee or trustees may and may not do. The Trust document may also name a Protector who whilst having no responsibility for the day to day running of the Trust, can have the power of veto over Trustees decisions and also the power to dismiss and appoint new Trustees.

Once the trust is set up, you may transfer assets to the trust. It should be borne in mind that, in the case of certain assets, such as property, you might incur stamp duty and capital gains liability at the time of transfer.

In certain jurisdictions you may be required to register a Trust; this will depend upon local legislation. Generally speaking however there is no legal responsibility to register.

For further information on different aspects of establishing a trust, visit one of the following links:

Company Formation & Banking Intermediaries - Turner Little

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