Trusts

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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 at our clinic for a FREE chat without any commitment if you would like to discuss whether a trust is something that might help you or your family.

Are you eligible for Legal Aid?

For more information about Legal Aid and if you might be eligible, please feel free to contact us.

Contacts for the service

Free Advice Clinic

Tuesdays 2pm - 4.30pm (at the office). Online 'virtual' appointments also available any week day. By appointment only.

Related Guides

GN Law

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