Care Financials

Trust Planning

Setting Up a Trust

At Care Financial Services, we are familiar with the fact that everyone is distinct, and everyone has unique financial and personal situations. We also know your concern about how your family will oversee if something happens to you; we advise our clients to plan a trust.

Trusts are vital if you are looking for an option to manage your assets, such as real estate, money or investments- for your heirs or anyone you would like to benefit from.

A trust is a legislative arrangement in which your acquisitions are put under the accountability of a trustee to manage and regulate for one or more dependents. 

If you are contemplating setting up your trust, get in touch with us today, and one of our experts will set up a detailed consultation in which they will discuss your case in detail with you; this will help us understand your needs and prerequisites and construct a trust plan that will work best for you.

More About Trust

The numerous advantages a trust may provide for persons wishing to secure and safely transfer their assets, both during their life and after they pass away, are now being opted for by people from all walks of life.

Why is a 'Trust' Important?

When you set up a trust, all your occupancies  are put under that trust, and the responsibility is given to one or more people you appoint, known as ‘trustees.’ The trustees are instructed to control the trust according to how you want them to, even after you pass away. 

Trusts are set up for numerous reasons, such as: 

  • To protect family assets 
  • Taking care of someone’s financial affairs because they are too young to do so themselves
  • To transfer assets while you are alive or after you pass away; in such a situation, a will trust is preferable.

A trust lets you handle who gets what and when from your estate. You can manage the time when each beneficiary will acquire their stake; this can equip your loved ones with long-term protection and security. By allocating your assets at different times, you can:

  • Save your children from losing their share of inheritance in a divorce or separation situation. 
  • Be carefree about losing your assets to the state authorities to fulfil the expenses of one of your family members’ health care.
  • Set aside assets for your children or grandchildren until they reach a certain age and are responsible enough to manage and appreciate them. 

Types of Trusts

Trusts come in various deviations, each with a different objective. Below we have listed the most standard types of trusts: 

Absolute or bare
Absolute or bare trusts are always in the trustee’s name. However, beneficiaries are entitled to all the assets at any time as long as they are at least 18 years old. Hence, through this type of trust, the founder’s habitations always go directly to who they were aimed to be. Such primitive trusts are usually used to transmit assets to juveniles in which the trustee takes care of the assets until the inheritor is old enough. 

Interest in possessions
In this type of trust, the trustee is urged to transfer all income from the trust to the inheritor. For instance, if you create a trust for a property you have leased out, the trust will state that after you die, the rent from the estate will go to your spouse until they die, after which their children will receive the income from the rental property.

Discretionary trust
A discretionary trust allows the trustee to determine how the trust’s finances and income will be employed. Such agreements allow the trustee to specify how and when the inheritors will receive their share of the inheritance and the conditions under which they will be charged. The discretionary trust is usually developed to set aside assets for future generations who may need them.

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How can Care Financial Services Help?

Planning a trust on your own can be quite an intricate process. That is why it is always a sensible idea to seek proficient help beforehand. Our professional and competent specialists at Care Financial Services will examine your case individually to determine which type of trust will work adequately for you. We specialise in trust laws and tax areas and provide our clients with open, honest and tax-efficient guidance and support. Our company lawyers have licensed knowledge across all related areas such as wills, taxation, estate planning and many more. So please don’t wait any longer; contact us today so we can help you plan your trust most cost-effectively and efficiently.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.


You can remove the current trustees or appoint new trustees. The settlor may remove a trustee with at least 30 days written notice. As long as there are still two trustees, one of whom is not the settlor, they are permitted to do this.
What is a trustee supposed to do?

The trustee is supposed:

  • To put the trust fund to use.
  • If each beneficiary receives a distinct benefit, act impartially.
  • Trustees may assign someone else the responsibility for managing and investing their funds.
  • Should seek out and take into account appropriate counsel before using investment authority.
  • To protect the trust’s assets.
  • Should maintain records of all decisions and acts since they might need to show they are appropriately administering the trust money.
  • Not to benefit themselves personally from the trust. The trustee is not allowed to use their position and power to get any advantage if they are also a beneficiary.

Unless they are partners or shareholders, your client’s spouse should not be included as a beneficiary under the business trust. Any business protection agreement must be put into entirely on a commercial basis. The presence of individuals who are not also the company’s proprietors would indicate that this is not the case. The results of this may be adverse tax effects.

No. If your client could do this, the trust would not affect inheritance tax purposes.

The trustees will always get payment of any funds from the protection plan. The trustees are then in charge of disbursing the funds to the beneficiaries, but they must first complete the “Deed of Appointment to Benefit (Absolute)” form.


The content on this page is based on our understanding and knowledge at the time of publication. It may be subject to change and may not be applicable to your circumstances, so should not be relied upon. Please contact us if you require further information about the content included on this page.

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