What would I use a Trust for?

In estate planning, it is important to consider tax efficient ways for making gifts of money or property in the future. One such method is to use a Trust.

This involves putting the asset – the money or property – into a Trust for a period of time. Whilst in the Trust, the asset is looked after by Trustees. They manage the Trust until such time as the asset is transferred out to the new owner, the beneficiary.

How might a Trust work?

The Trustees can be required to abide by certain restrictions, or can be given discretion to do certain things.

For example, some Trusts are time limited and will simply pay out to the beneficiaries when the time period has expired. Others allow the Trustees to choose who to pay out to and when, from a specific pool of people. Sometimes the Trustees will be instructed to pay the income from the asset to one beneficiary, keeping the asset itself for a different beneficiary.

What are the different types of Trust?

There is a wide range! You might have heard of an Interest in Possession Trust, a Bare Trust, a Mixed Trust or a Discretionary Trust? We also advise on, and set up, Vulnerable Person’s Trusts. These all provide for your assets to be kept and distributed in difference ways.

How do I set up a Trust?

With such a variety of Trusts available, it is very important to take advice as to the most appropriate type of Trust to fulfil your aims and objectives.

We will help you establish the correct Trust(s) to suit your estate planning, and then draw up the Trust paperwork. This is a complex process, as it is essential that we consider the implications of all current legislation in completing the Trust to ensure it functions exactly as you would wish.

Services

Costs

Transfer of assets into Trust in your lifetime for the ultimate benefit of a Third Party – from £4,000

Contact us for a cost estimate tailored to your specific needs.

Are you on the Donor Register?

Pre-paid funeral plan provider, Rest Assured Funeral Plans, have partnered with the NHS in a pilot scheme to increase membership of the Organ Donor Register. It is hoped that people who are already having frank conversations about death will be open to discussing what should happen to their bodies when they die.

The Cost of Dying is increasing

When we die, we’re not there to foot the bill, so why should we worry? It can be tricky – or impossible – for loved ones to come up with a significant sum of money at the time of a death. Even more so if the event is unexpected. Prepaid funeral plans enable us to cover these costs in advance.

Get your Will checked!

If you’ve got a Will, it’s a good idea to check it’s up to date. Passage of time, changed relationships and updates to legislation could mean it no longer does what you intended. If you need a new Will we can do this for you. Our fixed Will writing costs start from £199 for a single simple Will.

Bicester, Buckingham & now Oxford!

Bicester Wills & Probate launched in 2010, and opened an office in Buckingham in 2018. We are delighted to now also have an office in Headington, Oxford. We look forward to servicing the Wills & Probate needs of the local community in Oxford.

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