The Benefits of Trusts

The below information is courtesy of STEP (Society of Trust & Estate Practitioners)

Protection for benefit dependent beneficiaries

Trusts have a longstanding foundation in the English common-law tradition, but they appear to remain subject to an external perception that they are available only to the super-rich or are used to hide assets or for other improper, if not outright illegal, purposes.

Most of the factual, thoughtful or philosophical articles, essays and reports about trusts open with historical anecdotes. This is not a quaint narrative artifice: it is a testament to their resilience and longevity.

It shows an enduring reliance on the concept of trusts, whose origins are deeply rooted in principles of fairness and equity.

Predicated on the protection of familial interests, they may seem irrelevant to the general public, but in reality, a material proportion of the population in the UK, for example, is likely to comprise beneficiaries of trusts, principally in the form of trust-based pension schemes.