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Trusts
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Trusts



What is a Trust?
A trust is a legal arrangement used to protect assets, such as land, buildings or money for the benefit of the “beneficiaries” to the trust. Such assets are referred to as “trust property”. When a trust is created “trustees” are appointed. The trustees are legally responsible for the assets held in the trust and are required to manage the trust and carry out the wishes of the person whose assets were placed into trust. The person whose assets were placed into trust is known as the “settlor”.
Role of a Trustee
The trustees are legally responsible for the assets held in the trust and are required to manage the trust and carry out the wishes of the person whose assets were placed into trust. The person whose assets were placed into trust is known as the “settlor”.
Appointing Trustees in your Will
To appoint a trustee in your will you should name your choice of trustee in your will. Normally when a trust is created in a will the trustees and executors are the same people, although this doesn’t have to be the case.
Discretionary Trusts
There are a number of different types of trusts, one of which is a known as a “discretionary trust”. When a discretionary trust is created the settlor gives the trustees the “discretion” as to how to use the income generated by the trust, and sometimes the capital.
Express Trusts
Trusts can be created either expressly (an “express trust”) or by implication (an “implied trust”). Generally they are created expressly. An express trust will arise when a “settlor” (the person whose assets are placed into trust) expressly creates a trust.
Secret Trusts
If a “settlor” (the person whose assets are to be placed into trust) wishes to leave property to a person but does not want to name that person in his or her will he or she can create a “secret trust” by leaving the property to another person (usually a solicitor or a trusted friend) to hold on trust for the person he or she wishes to provide for.

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Single Will or Mirror Wills?

If you are a couple and wish to leave all your assets to each other then you could save money by making  Mirror Wills. You can also use Mirror Wills if you whish to leave your estate to the same beneficiaries. 
 
If you wish to leave different legacies, appoint different executors or you would like to specify individual funeral wishes then you will need to make two Single Wills.
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