Murray Beith Murray is a leading Scottish private client law firm.
For over 170 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
A liferent trust is used where the person who owns an asset wishes to allow someone else to have the benefit of it whilst passing on ultimate ownership to someone else. Whilst a liferent trust can be created during the owner’s lifetime, it can also come into force when the owner of the asset dies.
If you have set up a trust or were appointed as a trustee many years ago, you may be unsure of the importance of reviewing the trust assets and trust management. Historically, some Trusts have required minimal trust management, which can lead to a failure to review. However, it is essential that trusts are reviewed regularly to comply with the law and your obligations as a trustee. In this article, we provide you with an overview about the importance of trust reviews, how often you should review a trust and the dangers of failing to do so.
If you have been appointed as a trustee, you may be concerned about your duties and obligations. Trustees are appointed to manage assets on behalf of the trust’s beneficiaries and, as a result, have certain fiduciary duties towards those who benefit from the trust. In this article we provide a brief overview of what trustees must do, the duties that they have, and how they can get advice and assistance in carrying out their obligations.
If you are looking to provide for your family after you have passed away, you may have considered a type of trust - often referred to as a ‘Family Protection Trust’ or ‘Asset Protection Trust’. As these terms suggest, these types of trusts are designed to protect your family wealth from a variety of different circumstances. While setting up a trust is not right for everyone, it can provide a broad range of benefits under the right circumstances. In this article, we look at some of the protections a trust might afford your assets and your future family wealth.
If you are considering setting up a trust in Scotland, we understand that you may have some questions. Trusts can be a useful means of protecting family wealth, providing for loved ones, and mitigating your inheritance tax liability. However, it is important you understand how to choose trustees, and that those trustees understand their obligations. This article provides an overview of some questions about trustees in Scotland.
