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.

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’. Decisions about our treatment and general care will be made by our medical team and, whilst our next of kin may have some say, the clinicians decide what is in our best interests and act accordingly. Let’s look at 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.

Making a Living Will

What are your views on life saving medical treatment? Will your wishes be considered if those circumstances arise for you? A ‘Living Will’, sets out your preferred treatment in specific situations. This means that whether or not you are conscious, and whether or not you have capacity, your voice will be heard.

What is your digital legacy?

What is your digital legacy? Most of us leave digital footprints every day...we're Tweeting our opinions, Facebooking our friends and Instagramming pictures of our delicious meals and sunshine filled holidays, whilst LinkedIn showcases our careers and contacts. What...

To find out more please get in touch by telephone

or book an appointment online.