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.

Making an appointment convenient for you…

It’s important to chat with us face to face to explain your needs, discuss your options, and give us instructions. Find out about our home visit service for standard, non-emergency appointments which might otherwise take place at our office…

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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.

To find out more please get in touch by telephone

or book an appointment online.