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A trust is legal ‘vehicle’ that allows any asset (for example property, shares and/or money) to be placed under the control of nominated trustees or a trust company. The trustees then administer the assets for the benefit of those named in the trust. These people are known as beneficiaries. Trusts can be set up during a person’s lifetime or after death through a person’s Will. This is a great way of managing and protecting assets now to minimise inheritance tax on death or to protect the financial position of vulnerable beneficiaries.
Property transferred into a trust is taxed independently from an individual’s personal estate for income tax, capital gains tax and inheritance tax purposes.
The Benefits of Trusts
Some of the reasons for having a trust are:
- To provide for your family now and in the future
- To hold assets for a child until he/she reaches 18 or 21, 25, etc.
- To provide effective tax planning, normally to reduce the risk of inheritance tax
- To provide a benefit to a person(s), while giving control to someone else (e.g. disabled children)
- To protect a home from being sold to pay care home fees
- To protect assets from being lost through divorce or other litigation
If you are making a will with us, trusts will be discussed with you. However, you don’t need a will to set up a trust. Please contact us to arrange an appointment without any commitment if you would like to discuss whether a trust is something that might help you or your family.