When people hear the word “trust,” they often imagine trust funds, boardrooms, and billionaires. But trusts aren’t just for the wealthy, they’re actually super useful for normal families too.
Whether you want to protect your home, help a vulnerable family member, or leave money to your kids without handing it over all at once, a trust can give you more control and peace of mind.
Okay… but what is a trust?
Think of a trust like a safety deposit box. You put something valuable into it like money or property and appoint a few people (called trustees) to look after it for someone else’s benefit.
You set the rules, and your trustees make sure those rules are followed. Simple.
Why do people set up trusts?
There are loads of reasons:
• You want to leave money to your kids but they’re not ready to handle it yet
• You’re worried about your home being sold if your partner needs care
• You have a family member with a disability and want to protect their benefits
• You want to leave money to grandkids without affecting their parents’ share
In short, trusts help protect your assets and your loved ones even long after you’re gone.
A few types of trusts you might hear about:
Discretionary Trusts
Great if you want to give trustees flexibility. You list the people who could benefit (like your children or grandchildren), and your trustees decide who gets what and when. Handy if life is unpredictable.
Protected Property Trusts
Worried about what happens to your half of the house if you die first? This trust lets your partner keep living in the home, but ensures your share goes to your kids later. It’s a smart way to balance care with inheritance.
Vulnerable Person’s Trusts
Designed to protect someone with a disability or long-term condition. These trusts help keep their inheritance safe without affecting the benefits they rely on.
Do I need one?
Not everyone does. If your wishes are straightforward, a will might be enough. But if you want more protection or flexibility especially around remarriage, or vulnerable beneficiaries, a trust could be the perfect fit.
And don’t worry, we’ll explain it all without the legal jargon.
Thinking a trust might be right for you? We’re here to walk you through it with no pressure. Just friendly, honest advice about what’s best for you and your family.
