Trusts can be a very effective way of managing your wealth now and in the future. They can hold a wide range of assets from property and shares to family heirlooms. We work with trustees and beneficiaries on the creation, use and variation of trusts.

Setting up a trust

A trust is created when you give assets to people you choose (the trustees) to hold for the benefit of others (the beneficiaries). It can be set up during your lifetime (by using a trust deed) or upon death (by inclusion in your Will) and can be used as a practical tool for inheritance tax planning.

Your chosen trustees have responsibility for managing the assets for the benefit of the beneficiaries according to the terms of the Will or trust deed. In choosing your trustees you need to be confident in them and only appoint people who you trust to take on the role. You may choose to appoint professional trustees and we provide this service for many of our clients.

Administering a trust

Administering a trust is a significant responsibility. We work with trustees on the ongoing administration of trusts, including assisting trustees in setting up trust accounts and trust tax returns.
There are many types of trusts designed for specific situations, but common types are:

  • bare trusts – often used for trustees to hold assets for a child until they reach 18
  • life interest trusts – giving an individual (known as a life tenant) the right to receive income only, whilst preserving the capital for others after the death of the life tenant
  • discretionary trustsnone of the beneficiaries has a fixed right to any particular share of the trust fund but the trustees have discretion as to which beneficiary benefits and to what extent. Discretionary trusts can be used to protect your beneficiaries from unfortunate relationships, profligate lifestyles etc.

Our specialist team will advise you on the type of trust to suit your circumstances, whether you need to include a trust in your Will to preserve your assets and protect members of your family or whether you need to set-up a lifetime trust for loved ones.

We will explain the law to you in plain English and we guarantee that our advice to you will be practical, realistic and suitable for your lifestyle.

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