When it comes to ensuring a trust has been set up correctly, there are certain requirements advisers need to be aware of.
In this video, Technical Connection technical consultant Niki Patel breaks down the key elements of a trust, and starts with the certainty of a trust based on its intention, subject and object.
She explains how the parameters of a trust are set for it to be used for the benefit of others, why assets inside the trust have to be clearly identified, and how the trust needs to provide clear details of the individuals who benefit.
She goes on to detail the requirements relating to the key parties to a trust - the settlor, the trustees and the beneficiaries.
Niki also discusses the obligations of the trustees to manage the trust on behalf of the beneficiaries, and the overall requirements to ensure a trust is valid.
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