Guide to trusts: settlors, beneficiaries & trustees. Can be used for Inheritance Tax planning.

A trust is the legal means by which one person, the settlor, can give his property to another person, the trustees, to look after on behalf of yet another individual, or set of individuals who are called the beneficiaries.
A trust is a way of giving property to others without giving them full immediate control over it. The key point to remember is that a trust is not simply another piece of paper; it gives rise to a number of rights and obligations, and cannot be terminated by simply throwing away the documentation.
Learn the role of the settlor, trustee and beneficiaries and the legal implications of trust to understand when you might choose to use one.
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[@TheRetirementCafe]

When might you choose to use the role of the settlor, trustee and beneficiaries and what are the legal implications?

[@thebankersson]

Thank you Justin, couple of questions. What's the most cost effective way to setup a discretionary trust, as a settlor and trustee and how important is a letter of wishes? Thanks again.

[@TheRetirementCafe]

I would always use a solicitor with a qualification from the Society of Trust and Estate Practitioners (STEP). I use off the shelf "trust documents" but request our clients obtain legal advice. I think a letter of wishes is an excellent idea.

[@PaulDurbin1969]

If the property in the trust is a house do the Trustees get added to the deeds of the house ?

[@mymechanicfriend6017]

Simply and clearly explained ✊🏾🏆💎📠 Thank You !!!