Protecting
your future
and those you care about
A trust is a legal arrangement that allows a third party, known as a trustee, to hold assets on behalf of beneficiaries.
The assets in a trust can include property, investments, cash, and other valuable items.
A trust can be set up for a range of reasons. This includes when a beneficiary is too young to handle their affairs, to protect family assets, or if someone dies without a Will.
Setting up a trust is a great way to protect assets for future generations, minimise Inheritance Tax (IHT), and provide for beneficiaries.
Trusts used in estate planning can take various forms, including Bare Trusts, Discretionary Trusts, Interest in Possession Trusts, and Accumulation Trusts.
Each has unique characteristics that cater to different estate planning needs.
Of course, the legal and tax implications of transferring assets, including exit charges and periodic charges, require careful consideration.
While trusts offer a viable strategy for asset protection, they are not a one-size-fits-all solution and come with their own set of challenges – for example, the costs of setting up and maintaining the trust, as well as the potential loss of control over the assets placed in the trust.
It’s important to work with one of our qualified solicitors to determine whether a trust is right for you and to choose the right type of trust for your specific needs and goals.
Our friendly and experienced solicitors can advise you on whether a trust is right for you and help you choose the right type of trust for your specific needs and goals.
We will then support you to set up the trust and appoint trustees to manage it after your death.
For more information about protecting your assets in trust, contact our estate planning experts today.
