Trusts are a flexible way of securing your family’s assets and financial future, both in the way you wish and tax efficiently. Our professional team of Trusts solicitors has the experience and up-to-date family law knowledge to advise you on every aspect of Trusts.
A Trust can be established in your lifetime or in your Will and is set up in a way that suits you. You decide on the Trustees who are individuals you have confidence in to make the right decisions for and act in the best interests of your chosen Beneficiaries.
Whether you want to safeguard your children until they reach adulthood, reduce inheritance tax or capital gains tax, look after assets for vulnerable Beneficiaries, or plan for your own retirement, Trusts can be a suitable option. Your Trustees will manage the assets of the Trust for the benefit of the Beneficiaries, as declared in the Trust Deed.
Trusts are flexible and designed to meet the needs of individuals and particular circumstances. These are the most common types:
- Discretionary Trusts – the Beneficiaries don’t necessarily know they’re the Beneficiaries and the Trustees decide who should benefit and when.
- Life Interest Trusts – the Beneficiary is looked after for life, either by means of an asset such as a house or by an income from the asset.
- Bare Trusts – the Beneficiary is usually a child who is entitled to the assets of the Trust at the age of 18, at which point the Trustees have no say in how it’s managed.
Trusts are an effective means of taking care of loved ones and ensuring their ongoing financial security. This is why it’s important your Trust is set up according to your specific situation and needs.
Our qualified Trusts solicitors can advise you on all relating issues as well as help set up the Trust and support your Trustees with its administration.
You should choose your Trustees carefully. Only people you can confidently rely on to follow your wishes and act in the best interests of your Beneficiaries should be given the role. There is also the option to choose Professional Trustees, which is a service we provide. You need to also consider the tax implications, something our solicitors will explain and help with.
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