Trusts We get asked about trusts all the time.  Trusts have been a bit of  a buzz word recently, and a lot of people say that everyone should have one.  So, should you have a trust?  Well, we think that having a trust is a bit like having an insurance polciy.  You never know if you will need one until the occasion arises where you wish you had one.  We look at the risks you face in your life, assess the risk, quantify it as best we can then decide whether putting your major assets into a trust is a good idea in your circumstances.  Once we have a handle on your situation, and decide that a trust is needed, we taylor make a trust to meet your needs.  It may be a simple trust to hold a family home, where business risks pose a threat to the assets. It may be a reconstituted family where the partners are wanting to isolate assets for the benefit of their first families. There are trading trusts to own businesses.  We get asked a lot about shifting assets into a trust to enable access to rest home subsidies.  Where this is the only reason why people want or need a trust, then we actually advise people to think again.  The risks are really very minor.  Statistics taken about 2003 showed that of the people in the 65 to 75 age bracket only 1.8% were in a rest home.  For the age group 75 to 85 it had risen to 5%, and even in the 85 years of age and over, only 27% were in a rest home.  To look at it the other way, 73% were not in a rest home.  To see whether it is right for you to have a trust, we need to discuss your situation and gauge the best set up for you. Return to Legal Services