A Trust can be a good solution when you’re planning on leaving a legacy, be that financial or property, to another person but still need an element of control on how that is passed over and used.
Often they are used when planning long-term provisions for children and when planning how to structure your estate to minimise Inheritance Tax. It can be a very specific and complex area of law; our specialist Trust lawyers can help you manage your Trusts in the most tax efficient way.
Trusts, or Settlements if created in your lifetime, are a useful way to protect wealth in situations where the beneficiary is incapable of managing the money or property for themselves, or where an outright gift of the asset isn’t appropriate. Our experienced lawyers provide legal advice and inheritance tax planning for various types of Trusts, including;
- Discretionary Trusts – leaving money or other assets from your Will in a Trust and appointing Trustees to manage it. Or a Discretionary Settlement if created during your lifetime.
- Life Interest Trusts – allowing someone an interest in your property or assets throughout their lifetime without the assets leaving your Estate. These often arise in a Will, or can be created as Settlements during your lifetime.
- Trusts for vulnerable people – creating a Trust for a child under 18 whose parent has passed away or someone who is disabled.
- Personal injury Trusts – allowing you to place monies received as a result of injury into a Trust. This can effectively preserve the personal injury award and allow you to maintain means-tested state benefits.
Dependent on your circumstances, you may need to set up a Trust now or have one set out for when you pass away. We can help with all legal areas of Trusts and estate management;
- Trust set up and administration
- Dealing with probate and administration of estates <link to Probate page>
- Estate and care fees planning
Advice for Trustees
The complexity of the law covering Trusts and Settlements can leave many Trustees concerned about their duties and obligations. We can help with guidance and advice you on what you can and cannot do as a Trustee, including the duties that come with the management, administration and taxation of Trusts. We can cut through and translate for you the increasingly complex regulations faced by Trustees, and assist you with how Trusts and Settlements can be used effectively.
“A first class firm of solicitors, with high professional standards”