A trust is a relationship which arises when a person, called the trustee, is obliged by equity to hold property for the benefit of persons, called the beneficiaries, entitled under the terms of the Trust / Settlement.
Clients voluntarily make trusts for a variety of reasons, principally having regard to family and inheritance planning considerations. However, they also arise by operation of law such as where property is held by two or more persons either as joint tenants or as tenants in common, or where a person dies and the estate has to be administered by executors or administrators. In each of these cases members of the department are well qualified to advise and draft the appropriate legal documentation. Categories of trust they deal with include bare trusts, life interest trusts, discretionary trusts, charitable trusts, will trusts and trusts on intestacy.