Trusts have been used for many years and have many practical uses and benefits. They can help you to provide for a vulnerable person, or assist with estate planning. Used correctly they can also reduce an inheritance tax liability or ensure that assets are passed on to the next generation.
There are many types of trust, with different trusts being appropriate for different situations. For example, a trust can help you protect a compensation award or protect your share of the family home after your death, if your spouse should remarry. Trusts can also be used to ensure that any death benefit is protected from future inheritance tax charges, while at the same time allowing your spouse to benefit from the money received.
You can create a trust during your lifetime whereby you can be the trustee, therefore retaining control of the assets, or a trust can be created on death, where you name in advance your trustees.
With years' experience of creating and administering trusts our specialist Wills, Probate & Lifetime Planning Team can advise you as to the most appropriate type of trust for your individual needs. We can give you practical advice as to the role of a trustee and we can advise you as to the tax consequences of each type of trust.
With many of our lawyers being members of STEP (the Society of Trust and Estate Practitioners), you can rest assured that the advice you receive will be tailored to your own needs, relevant to your particular circumstances and in line with current trust and tax legislation.
If you have an enquiry in relation to trusts or simply want to speak to a member of our friendly Team for further information and guidance, please use the request a call back or make an enquiry option to get in touch.