A bare trust, or absolute trust, is the simplest and least sophisticated of trusts. This type of trust is often used to gift assets to children.
However, the beneficiaries gain absolute rights to the assets when they reach the age of 18, and this cannot be altered. Moreover, once you have set up a bare trust you cannot change it.
Call us if you would like to find out more about this type of trust or would like help setting one up.