A trust is not a separate legal entity. It is a relationship between a trustee or trustees and the beneficiaries of the trust. Nonetheless, when a trust is established, the underlying assets of the trust largely will not form part of anyone’s estate upon them passing, and in most instances the trust will continue to exist regardless of who dies or who loses capacity.
We were able to advise on trusts, as to how best to structure them and to pass control of them to other people upon certain triggering events occurring such as incapacity or death.
Sometimes trusts were drafted many years ago using even then outdated precedents. Sometimes trusts are established in more recent times but once again using outdated words and precedents. We are able to advise as to whether or not it is necessary to amend trusts to make them more helpful from a taxation point of view and from an estate planning point of view.