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Trusts

What is a trust?

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.

What is a trust used for?

A trust is a way of managing assets (money, investments, land or buildings) for people. There are different types of trusts and they are taxed differently.

Who is involved in a Trust?

  • The ‘settlor’ – the person who puts assets into a trust
  • The ‘trustee’ – the person who manages the trust
  • The ‘beneficiary’ – the person who benefits from the trust

Why would a trust be beneficial?

Trusts are set up for a number of reasons, including but not limited to:

  • To control and protect family assets
  • When someone’s too young to handle their affairs
  • When someone cannot handle their affairs because they’re incapacitated
  • To pass on assets while you’re still alive
  • To pass on assets when you die (a ‘will trust’)

Types of trust

The main types of trust are:

  • bare trusts – Bare trusts are often used to pass assets to young people – the trustees look after them until the beneficiary is old enough.
  • interest in possession trusts- These are trusts where the trustee must pass on all trust income to the beneficiary as it arises (less any expenses).
  • discretionary trusts- These are where the trustees can make certain decisions about how to use the trust income, and sometimes the capital.
  • accumulation trusts- This is where the trustees can accumulate income within the trust and add it to the trust’s capital. They may also be able to pay income out, as with discretionary trusts.
  • mixed trusts- These are a combination of more than one type of trust. The different parts of the trust are treated according to the tax rules that apply to each part.
  • settlor-interested trusts – These are where the settlor or their spouse or civil partner benefits from the trust

non-resident trusts- This is a trust where the trustees are not resident in the UK for tax purposes.

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Here’s the legal bit..

Please note that the information on this website is referenced from and accredited to the UK Government website and may change in accordance to updates of relevant laws and acts associated with the topics included.

The information provided on this website is only to be used as reference and an example.

We do our best to provide correct and up to date information and advice to our valued client and visitors however it is your sole responsibility to confirm these details with the relevant parties and do your own research prior to any engagement.

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Exciting News

We are thrilled to share some exciting news with you!

Best Financial Services is in the process of a merger and acquisition, which will lead to a transformation and rebranding of our company. We are proud to introduce our new identity:

CJ Money

This significant development marks a pivotal moment in our journey, as we aim to provide you with even more comprehensive and innovative financial services. While change can be daunting, we want to assure you that our commitment to your financial well-being remains unwavering.

Here’s what you can expect from CJ Money:

1. Enhanced Services: Our merger will allow us to expand and improve our services, offering you a broader range of financial solutions tailored to your needs.

2. Cutting-Edge Technology: CJ Money will leverage the latest technology to streamline processes, enhance security, and make managing your finances easier and more convenient.

3. Expertise and Experience: Rest assured, our team of dedicated professionals will continue to provide the same level of expertise and personalized attention you have come to rely on.

Our Website Is Still Available: During this exciting transition, our website will remain accessible, allowing you to continue using our online services without interruption. Feel free to explore the website to learn more about CJ Money and stay updated on our progress.

Please note that during this transition period, there may be some updates to our website, mobile app, and other services. We kindly ask for your patience and understanding as we work diligently to ensure a seamless transition.

We are grateful for your trust and loyalty as our valued customers. We look forward to serving you under our new identity, CJ Money. If you have any questions or concerns, please feel free to reach out to our customer support team at Tim@cheethamjackson.com

Thank you for being a part of our journey, and we can’t wait to continue growing with you.

Warm regards,

The CJ Money Team