Professional advice on trusts to help you protect and manage your assets
Trusts are put in place to ensure that those closest to you can manage your estate which can include money and assets, to put you at ease knowing it will be handled properly. Our wills solicitors can help you to create your trust. Contact us today to arrange your free initial consultation and start the process.
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What is a Trust?
When making a trust, you will first appoint executors and trustees. These can be the same people and are usually people close to you, or professionals that you would like to deal with your trust. A trust itself involves the formal transfer of assets from you to the trustees, with instructions that they hold, manage and invest those assets for the benefit of the beneficiaries. Once a beneficiary turns 18, the trust can be transferred. There are two ways in which a trust can be created, through a Will Trust or through a Settlement.
A Will Trust is created as a part of your will. The trust rules must be set out in your will and the trust will take effect upon your death, where the trustees will assume management of your estate until it can be transferred to the beneficiaries. Our wills solicitors can assist you in writing your will, and setting up a trust should you need it.
Settlements and Trust Deeds
In cases where a trust is created to take effect within your lifetime, it is sometimes referred to as a 'settlement'. This involves the drawing up of a 'trust deed', in which the trust rules are set out. In either case, the trust document (the will or deed), states who is responsible for administering the assets (in other words, it names the Trustees), names those who are to benefit from the trust (the Beneficiaries) and sets out any rules or conditions which either the Trustees or the Beneficiaries must comply with. The trust document also states details of how and when the trust will end.
Why Should I Create a Trust?
There are many benefits to creating a trust. It can protect your assets from creditors or anyone who may negatively influence beneficiaries of your assets. The beneficiaries have to be appointed by a trustee therefore assets are protected until such event.
A trust can also help to reduce inheritance tax. This is because anything within a trust is not owned by a trustee, so in the event that they die, assets are not included in the estate and therefore not subject to probate.
By using a trust you can also provide for beneficiaries that may not be alive yet, for example any future grandchildren or descendants. This may be left as funding for education and so on. If you wish to leave estate for future generations, our solicitors can advise you on the best route to take.
By using a solicitor when setting up a trust, we can advise you on the best type of trust to make in terms of your circumstances and to ensure that there are no conflicts with your will. We can also provide advice on aforementioned tax savings. You can appoint professionals as trustees, or to work alongside another trustee you have appointed. This will ensure that the legal aspect runs smoothly and can give you peace of mind knowing that your trust will be managed by someone you can have confidence in.
How can Switalskis help me?
Our wills, trusts and inheritance tax planning lawyers can help you to draw up a trust deed, or create a trust as part of your will. By listening carefully to your requirements we will make it easy for you to make the best of your assets and investments, both now and in the future. Our team has a wealth of knowledge and fully recognise the individuality and sensitivity of your case.
Contact our team today by calling 0800 138 0458, or by sending us a message through our website.