Bare Trusts
What is a bare trust?
A bare trust is the simplest form of trust. This is where a beneficiary is entitled to the trust straight away, or they will be when they’re 18 years old.
The trustee has no real duty to perform, other than investing the trust assets correctly, and the beneficiary can request that the trust assets are transferred over to them at any time.
When the beneficiary is under 18 the trustee would usually look after the trust assets until the beneficiary’s 18th birthday and then transfer the assets over to them.
The beneficiary is entitled to all the capital and income and no one else has any claim on the trust assets.
Trusts can be very complex documents but can also be essential to ensure that the best possible solution is offered for all of your concerns. It is essential to take professional advice before entering into a trust as there can be tax implications for placing assets within trusts.
Our expert team of solicitors in Doncaster and Sheffield can assist you through this process. Contact their office at 01302341414 or alternatively, contact our solicitors in Sheffield at 01142721884.
For more information, click the links below or download one of our helpful guides.
What other types of trust are available?
There are numerous types of trust available. The most common types are:
