specialist Trusts solicitors can advise in relation to the setting up of Trusts and incorporating
Trusts into a will. Our estate planning,
Wills and probate department have been helping individuals and families across
Ireland for over 30 years to ensure their financial affairs are managed in
accordance with their wishes and their loved ones protected.
What is a Trust in Ireland?
A trust is a legal arrangement whereby
individuals (or a company), known as trustees, are responsible for assets and
wealth designed to benefit others (beneficiaries). The person who sets up the trust is known as the settlor. Assets and
capital held in the trust can be released at the
desired time (such as the 21st birthday of the beneficiary)
or used for a specific purpose (such as
educating future generations). Trusts are an extremely useful mechanism for
providing for children into the future and particularly where a child has
special needs or a disability.
Our expert solicitors will
ensure that in creating your Trust it meets all of the requirements for a valid
trust by law.
Trusts are bespoke documents and are tailored to meet your particular circumstances. However, there are 3 main types of trust in Ireland.
- Simple trust – a simple or bare trust
enables a trustee to hold title to assets on behalf of a beneficiary with an
absolute right to those assets. Such
trusts are often used to transfer assets to children who are not yet able to
look after them themselves. In order to
create a simple trust, a ‘Declaration of Trust’ must be drafted by a solicitor
with experience of setting up trusts in Ireland. An example would be to hold an
asset on trust for a child until they reach the age of eighteen
- Discretionary Trust – Discretionary trusts give
trustees the discretion to decide how and to whom the trust’s income is
distributed, for the benefit of the beneficiaries. Discretionary Trusts are most commonly used
for minor children. The trustees can decide to appoint out assets at any stage
to a particular beneficiary. The settlor can decide to end the trust at a point
in time e.g when their oldest child reaches the age of 25.
- Fixed Interest Trust – Under a fixed interest
trust, a trustee has no say on how assets are distributed. Any beneficiaries have a specific (fixed)
interest in part of the income or capital of the trust.
When deciding which trust is
appropriate for your needs, it is important to engage the services of a
specialist trust fund solicitor who will listen to the details of your
situation, family, and wishes, and advise you of your options accordingly.
As part of our trusts legal
service offering, we can assist with ensuring your trust arrangements are
correctly included within your Will, to reflect the estate planning
arrangements agreed with your family and loved ones.
Why choose Lavelle Partners to assist you with family trust matters?
are a partner-led firm, meaning the partner you meet will manage your case and
be available to you if you have any questions.
solicitors are approachable, intelligent, and pragmatic.
clients remain with us long-term and most of our new clients come to us via
referrals. In addition, most team members have been with the firm for 15-30
years. We know our clients, their
families, and their businesses inside out and this helps us provide exceptional
service and gives people confidence in the quality of the advice and
representation they receive.
advice is to the point; we will not ask
you to choose between five different options, we will advise which one will
protect and further your best interests.
it comes to trust and inheritance matters, we always are sensitive and
compassionate in our dealings.
Walsh, our Head of Property, holds a Diploma in Trust and Estate Planning (Law
Society and STEP) 2004 and Jennifer Morrow has completed the STEP course this
For further information regarding the setting
up of trusts and incorporating trusts into Wills in
Ireland, please contact Lavelle Partners in confidence on (01) 644 5800.