Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Third parties definition

What does Third parties mean? In legal practice, third parties are persons or organisations that are not the principal parties to a contract, dispute, or data-processing activity but may interact with or be affected by it. The term is descriptive across contexts. In data protection law it is defined: a third party is anyone other than the data subject, controller, processor, and those acting under a controller’s or processor’s direct authority (UK GDPR/EU GDPR). cookies and similar technologies: if a service permits third parties (for example, advertising, analytics or social media vendors) to set, read or access cookies or other identifiers, those third...

Asset protection trusts in England and Wales: creation, sham risk, and challenges under insolvency, matrimonial, family provision, care fees, freezing orders and proceeds of crime regimes

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Practice notes

Asset protection trust

An asset protection trust is created to shield property against possible risks and looming threats. Such dangers may arise from outsiders like would‑be potential creditors, or from a husband or wife during divorce. Alternatively, issues might stem from the beneficiary’s own traits and circumstances, for whom the trust is intended. That person may be careless with money or exposed to harmful pressures or addictions, for example drugs. Frequently, an asset protection trust takes a discretionary shape, though this is not essential or inevitable. It may instead grant the specified beneficiaries an immediate interest in possession. Where that applies, it ought to be clearly subject to overriding powers of appointment, allowing the interest in possession to be ended if a beneficiary is made bankrupt or faces an adverse claim by a creditor or a husband or wife. Alternatively, the structure may be protective in form, closely mirroring the scheme in section 33 of the Trustee Act 1925, so the beneficiary enjoys an interest in possession that can be brought to an end if the beneficiary tries to assign that interest, or does something that renders the interest forfeited. Upon the happening of any such event, thereupon as aforesaid...

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Web page updated on 21/05/2026

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