Under a bare trust, one or more trustees hold the trust fund for the benefit of someone else (the beneficiary). If the beneficiary (or beneficial owner) is an adult and of sound mind they can make the trustees transfer all of the trust assets to them at any time. This means that the trustees are in effect no more than nominees for the beneficiary.
An example of a bare trust might be a parent who buys premium bonds in their own name as trustee for their infant child.
It is important to consider all of the legal, practical and tax implications before creating a trust. At Hart Brown we will guide you through the implications and help you set up a trust that best suits your objectives. We can also act as trustees of the trust.