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

Wills 

  

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.

Being heard when you can’t speak…

You can choose someone else to speak for you if you’re no longer able to do so.
This could be because you are unconscious or because you don’t have the ability to speak or understand your own mind for some other reason.
To do this, you register a Lasting Power of Attorney. This gives the person or people you trust the legal power to be your voice when you need it most.

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You won’t be surprised to learn that the COVID-19 outbreak has made lots of people think about their Will, or who will help them with their money or decisions about medical treatment if they are hospitalised. We want to make it easy for you to put these things in place. Access any of our services by telephone, without visiting our office or inviting us to your home.

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