Property Trusts in Bristol go back many centuries and it is widely accepted that the first Trust came from medieval England and was a way by which Knights who went to war left property at the disposal of others, now commonly referred to as Trustees. They were responsible for implementing the will of the initial owner while at the same time empowering individuals to manage the property while the owner was away. However the concept of Trusts and dealing with property Trusts dates back to Roman and Greek law. The Romans used Trusts to manage property in favour of their wives and children. It is true to say that back in these times a wife was unable to inherit the property of their husband.
In English law, as with many aspects of English law, the concept was developed so that the settlor, the person who owns the property or asset, settles the property into the Trust and responsibility would lie with the Trustees to manage the legal instrument. Much of the Trust developments which took place in the 17th century existed under the laws of equity and allowed for Trust relationships to be extended from land plots to other assets. It was not until the 19th century that laws consolidated the position and rights of Trustees and beneficiaries.
In modern times there are a number of Trusts which can be set up by a settlor including property protection Trusts which can be drafted into a Will, bereaved minor Trusts, lifetime interest Trusts and also those to mitigate inheritance tax. The law relating to Trusts in the United Kingdom is now regulated by numerous statutes and courts have dealt the concept so property Trusts in Bristol are common place. Today they are widely used by young and old, rich and poor to administer their estate and to help protect loved ones and beneficiaries. For example within a standard last will and testament a number of Trusts can be set up automatically and there are various statutes where children are involved. A children's Trust can remain in force up to the age of 25 of the minor beneficiary and up until that age money can be made available for their maintenance education. If an age is not specified, the Children's Trust would cease when the child becomes 18 years of age and many feel that such an age is too young where potentially a large inheritance will be transferred to someone so young.
When considering if these legal entities are right for you, it is important to understand that the ownership of any assets once transferred into a Trust is no longer owned outright by the settlor. It would be the Trustees who would need to agree to any variations, such as selling a home placed into a Property Trust in Bristol. Careful consideration should be made before embarking on such measures and legal advice is essential.
Rose & Trust have considerable experience in setting up Bristol Property Trusts and we specialize in this field of law. If you would like to receive information please contact us on 0117 369 1969 or visit our website at www.rosetrust.co.uk