Trust is an arrangement wherein a trustee holds assets as the nominal owner for the benefit of one or more beneficiaries. In essence, trusts are legal structures that facilitate the controlled holding or transfer of assets between individuals.
Are you seeking to safeguard your assets and secure the future of your loved ones? Our team of trust lawyers specializes in asset protection, providing you with peace of mind. With extensive expertise in trust administration, we ensure your assets are effectively managed.
Trusts are commonly utilized to protect assets for vulnerable or young beneficiaries, as well as to optimize tax savings. Our clients range from property developers and high-net-worth business owners to parents of disabled children, all seeking trust advice. We offer guidance on both lifetimes and will trust, and our services also encompass ongoing trust administration on behalf of trustees.
Lifetime trusts offer you the ability to securely and tax-efficiently set aside assets at any time during your lifetime.
Despite the misconception that trusts primarily serve tax-saving purposes, there are various types of trusts, each serving different objectives, particularly in safeguarding assets for family members and loved ones. While considering tax efficiency, it is crucial to structure matters appropriately, and our professionals are equipped to provide expert guidance in this regard.
What is the cost of establishing a trust?
We offer trust creation starting from £500.
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Schedule a call to discuss your options, including the possibility of a home visit.
(Additional charges may apply for tailored services.)
1. What are the reasons for setting up trusts?
- Holding assets on behalf of minor children until they reach an appropriate age to inherit.
- Providing for a spouse while ultimately safeguarding assets for your children.
- Preserving funds for vulnerable beneficiaries.
- Financing grandchildren's education expenses.
- Protect assets against claims stemming from divorce or bankruptcy involving children.
- Shielding assets from care fees imposed on a loved one.
- Ensuring the continuation of means-tested benefits.
- Mitigating inheritance tax liabilities.
2. What are the popular types of trusts?
- Age-contingent Trust
- Bereaved Minors' Trust
- Bare Trusts
- Bloodline Trust
- Children's Trust / Grandchildren's Trust
- Discretionary Trust
- Disabled Persons' Trust
- Home Protection Trust / Trusts of Land
- Lifetime Trust
- Life Interest Trust
- Nil Rate Band Trust
- Will Trust
Tips and cautions to consider
While trusts offer great flexibility and utility, they need not be complex or expensive to maintain. However, insufficient advice can lead to unintended consequences. We strongly recommend seeking professional oversight to prevent any undesirable outcomes. Please don't hesitate to reach out to us with any queries.
Our trust lawyers provide regular guidance on:
- The reasons, timing, and methods for establishing trusts
- Selection of the most appropriate trust type
- Identification of implied trusts arising from existing circumstances
- Tax implications and mitigation strategies
- Choosing trustees
- Asset selection
- Trust management
- Compliance with tax obligations and regulatory requirements
- Termination of trusts
- Tips and cautions to be mindful of
Secure your legacy with a Living Trust.
Retain complete control over your assets during your lifetime.
Our Living Trusts are specifically designed to safeguard your assets while you are alive. They grant you the assurance that your estate will be securely and entirely passed on to your spouse, children, and their bloodline, or other designated beneficiaries after your demise.
What is a Living Trust?
- A Living Trust is similar to a Will as it outlines your asset distribution wishes for your heirs.
- However, unlike a Will, a Living Trust becomes effective while you are still alive.
- It allows you to include various assets, such as property, savings, and investments.
- The trustees assume immediate control over the assets, which can be highly advantageous in specific situations for you and your family.
What are the benefits of having a Living Trust?
- Avoids the time-consuming probate process, enabling efficient management of assets without waiting for court approval.
- Trustees can assist beneficiaries during your lifetime, rather than only after your passing.
- Allows you to ensure your beneficiaries receive their inheritance at an appropriate time.
- Provides you with complete control over trustees and their actions, particularly valuable in scenarios where you are unable to manage financial and legal affairs due to incapacity, such as dementia.
- Protects your share of assets for your children in the event your partner remarries or gifts their share to someone else.
PROTECTIVE WILL PROPERTY TRUST
Preserving your family home within the family
A Protective Will Property Trust can be established when a property is jointly owned. Our experts are available to visit you at your convenience, in the comfort of your own home, to recommend suitable products that safeguard you, your family, and your assets.
What is a Protective Will Property Trust?
- It is an enhanced Will that provides protection for the jointly-owned property, safeguarding the share from third-party interference upon the first owner's death. Additionally, this share remains shielded from assessment for care home fees if the surviving owner requires future care.
- The Trust offers flexibility to joint owners, enabling the passing of their share to someone other than the joint owner.
- If the surviving joint owner remarries or decides to gift their share, your share remains fully protected for your beneficiaries.
- This means that if the surviving owner requires residential care or faces financial difficulties, the initial share of the property remains protected and exempt from assessment or risk.
What are the implications for the surviving partner?
- The surviving owner has the right to reside in the property for their lifetime. Trustees (chosen individuals managing the Trust) cannot evict them.
- The surviving owner can sell the house if desired and purchase another, with any profit being equally split between them and the trustees.
- Typically, the surviving owner maintains control of the Trust alongside at least one other person, often another family member.