Types of Trusts
An Express Trust allows you to set up a Trust with specific terms. This contrasts with a legally inferred from the dealings of the parties involved, known as a resulting or constructive trust depending on the specific circumstances.
Discretionary trust is one where you are able to prepare a Trust Document setting out the rules of the entitlements of the beneficiaries. This can mean they are variable and at the discretion of the Trustees appointed by yourself.
A bare trust is a trust in which beneficiaries are immediately and absolutely entitled to both the capital and the income of the trust. The trustees have no discretion over the distribution of assets, and must adhere strictly to the instructions set out in the Trust document.
Charitable trust is where the beneficiaries you name in your Trust are a charity or for a charitable purpose and not an identifiable individual or individuals.
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