This is the first in a series where Richard Ballard, Managing Director of Ryefield Accountants and Tax Consultants, discusses settlements and trusts and some of the potential pitfalls.
No1 Why Settlements and Trusts?
Some definitions
A trust is the relationship which exists where a person or persons (trustees) hold property for the benefit of others (beneficiaries). A trust is usually created by a written document, possibly during an individual’s lifetime or perhaps by a will upon death.
