Our Private Wealth & Inheritance team have specialist trust solicitors to help with protecting your assets.
Our trust solicitors help protect your assets for the future, so you can have peace of mind. Our team of experts have extensive experience in the administration of trusts.
Trusts are legal structures for holding or transferring assets between people in a controlled way.
Despite the perception that they are primarily to do with saving tax, there are many different types of trust and reasons for using them – mostly to do with protecting assets for family and loved ones. At the same time, if you receive proper advice, it will enable you to structure matters as efficiently as possible from a tax perspective.
What are the reasons for setting up trusts?
- Holding assets for minor children until they are old enough to receive them
- Providing for a spouse while protecting assets ultimately for your children
- Holding funds for a vulnerable beneficiary
- Paying grandchildren’s school fees
- Guarding against divorce or bankruptcy claims against children
- Protection from Care Fees assessed against a loved one
- Continuation of existing means-tested benefits
- Protection from Inheritance Tax
What are popular types of trusts?
- Age-contingent Trust
- Bereaved Minors’ Trust
- Bare Trusts
- Bloodline Trust
- Children’s Trust / Grandchildren’s Trust
- Discretionary Trust
- Disabled Persons’ Trust
- Home Protection Trust / Trusts of Land
- Lifetime Trust
- Life Interest Trust
- Nil Rate Band Trust
- Will Trust
Tips and traps to look out for
Although trusts are extremely flexible and useful, and needn’t necessarily be complicated or expensive to maintain, the law of unintended consequences can easily apply if insufficient advice is taken. We would always recommend at least a degree of professional oversight to make sure things don’t go wrong.
Whatever your query, please get in touch with Charlotte Woods in our Private Client Department to discuss a solution.
Our trust solicitors regularly advise on:
- Why, when and how to set up trusts
- Which type of trust to choose
- When they can be implied from existing circumstances
- Tax consequences and tax mitigation
- Choice of Trustees
- Asset selection
- Trust management
- Compliance with tax obligations and regulatory requirements
- Winding up Trusts
- Tips and traps to look out for
Request a video call, phone call or a meeting in person with one of our trust solicitors...
Trust Solicitors Team
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