Know your Trusts: Bare Trusts

In this short video, Richard Dundee, Partner in our Private Client team breaks down the concept of a bare trust in simple terms. This is the simplest type of trust. The beneficiary has an immediate and absolute right to the treasures in the chest once they reach adulthood (usually at a specified age, commonly 18, 21 or 25 years). It’s a great way to leave something for young children without handing them a large sum too early. Disclaimer: This podcast contains material for general information purposes only and does not constitute legal or other professional advice. Every effort is made to ensure that the content is accurate and up to date but users should always seek specific legal advice before taking, or refraining from, an action or relying on the legal information given here. Although Wright Hassall can assist with a number of legal matters, individuals should visit the firm's website or make direct contact to confirm whether the legal advice or service required is provided.