Trust Law

If you would like to safeguard assets for your loved ones to enjoy in the future, you should speak to a solicitor about trust law. Contact us at Gibson & Associates for more information.

What is a trust?

A trust is when assets (such as money, property or investments) are transferred to a trustee. The trustee manages the assets on behalf of a beneficiary, either in the long or short term.

A trust can be used to protect assets for loved ones who are currently too young to handle their own affairs. The assets can be passed on by the trustee once the beneficiary reaches a stipulated age.

Alternatively a loved one may lack the ability to manage their own affairs, perhaps due to a lack of mental capacity. If so a trustee can manage the assets on the beneficiary’s behalf.

Will trusts

A trust can be used to pass on assets during your lifetime, or a trust can be used to pass on assets after you have died. The latter is called a Will trust. In Ireland there are different types of Will trust, such as:

  • Discretionary trust
  • Trust for sale
  • Settled land act trust
  • Interest in possession/fixed trust

Each type of trust enables you to do something different. For example, a discretionary trust allows the trustee to decide how to spend the income of the trust. This can be useful where small children are concerned.

Trust law advice

A solicitor can advise you upon the various types of trust, suggesting what might be most suitable in your situation. There will also be certain tax implications associated with trust law. A solicitor can offer taxation advice, proposing the best possible solution to protect your family assets. Some trusts may be more vulnerable to tax than others.

Talk to a solicitor today

For advice on trust law in Ireland, please contact us at Gibson & Associates. Our team of solicitors have specialist knowledge in trust law and will be able to answer your questions, recommending what options are available.

We can then implement a strategy to ensure your family assets are successfully preserved for future enjoyment. This will give you the peace of mind that your wealth will be managed and transferred according to your wishes.

You can call us on 1890 989 289 or email us on info@gibsonandassociates.ie. If you would prefer to contact us online you can complete our online enquiry form and we will be in touch shortly.

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