Trust Deeds: what, who and why?

A Trust Deed is like many things in life; until you need one, chances are you won’t have heard of it! Some people have heard or seen an advert and often know the term, but the majority of people we speak to don’t understand what it is until they really start looking for help and get advice. So in this article, we’ll be outlining what it is, who uses it and why- so that if you ever need one, you know a bit more about it.

So WHAT is a Trust Deed?

A trust deed is actually a legal document which has been in existence for centuries. It has slightly different meanings and purpose depending on what part of the world you are from but we’ll be focussing on its meaning in Scotland. The first function of the document is that it places your assets and estate in the care of someone referred to as a Trustee. This person is trusted (the clues in the name) with your estate for the duration of the trust deed, which is usually around 3-5 years. Before 1985, this Trustee could be anyone. However, it was decided that a Trustee had to be a licensed insolvency practitioner and hence an expert in insolvency legislation is required to be able to enter into a trust deed (what became a Protected Trust Deed). Continue reading

Write a Will While You Can!

The certainty of death is the truest fact of life and yet one that we tend to live trying to ignore. One of the ways we push the inevitability of death to one side is by avoiding any talk of the subject. This is not a modern phenomenon but more and more of us are avoiding writing our wills or death testimonies now because of it. While it may seem premature, there is no better time to write a will than while you’re fit and healthy. Here is all you need to know.

What to Include

Your will must be set out to entail who you want to benefit from your will, who should take up guardian responsibility of any of your children under 18, who is going to carry out your death wishes, who is going to sort out your estate and what happens if the people included in your will die before you. Continue reading