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.

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.

Probate fees are on the increase

Currently, there is a set fee of £215 to obtain a Grant of Probate. The new fee to be charged for Probate applications will be calculated on a sliding scale, probably around 0.5% of the value of the estate. This will have a huge impact on the costs of most probate applications, so what can you do about it?

How can my wishes be known if I’m too ill to communicate?

If we become too ill to speak for ourselves, we are deemed to have ‘lost capacity’. Treatment and general care decisions will be made by our medical team and clinicians based on our best interests. Let’s look at the role of Health and Welfare LPAs.

Who’ll manage my money?

The question of who’ll keep our finances in order if we have lost our capacity to manage them is a huge one! It’s important to have someone we trust. Everyone’s heard scare stories of people targeted by unscrupulous ‘good samaritans’ who clear out their bank accounts… It doesn’t have to be that way.

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