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Trust Funds

Expert Wills, Trusts and Probate Solicitors

Trusts can be a great way of managing the way in which your wealth is preserved and passed on to your loved ones and beneficiaries. Trust Funds can be used flexibly to suit your situation and your wishes when it comes to passing on your wealth. For information about your options when it comes to implementing a Trust get in touch with our team today.

When it comes to inheritance every situation is different in the way that you want to pass on your estate during your lifetime or on your death. Our team can help you decide what would be the best method of effecting your wishes and future proofing your estate through the use of Trusts.

For further guidance get in touch with our team today on 0330 912 8338.

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Call 0330 912 8338 for a no-obligation chat with one our experts today.

What Trust Related Services do we provide?

Our team of expert Trusts Solicitors can help you implement a plan to pass your assets on to your loved ones and beneficiaries in a tax efficient way, making sure they receive as much of your estate as possible. We can help you with:

  • Discretionary Trust – These Trusts provide a combination of flexibility and control, in the context of their own tax regime;
  • 18-25 trusts – This Trust gets special tax treatment and is strictly for a child where one parent has died and can delay inheritance beyond 18 years old;
  • Life interest Trusts – These Trusts provide immediate entitlement to income as it arises, with capital passing ultimately to residual beneficiaries;
  • Vulnerable/disabled persons trust – These Trusts have special tax treatment but with strict eligibility requirements.
For more information about the different types of Trusts, get in touch with our team by calling 0330 912 8338 and check out the FAQs further down this page.
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Trusts FAQs

What is a Trust?

A Trust is a legal arrangement for managing and holding assets whether in the form of cash, property, stocks and shares or other assets, for a person or organisation to give to provide for the beneficiaries of the Trust.

Who can create a Trust?

Anyone can create a Trust whether in their lifetime on death by including it in their Will. Once used only by the very wealthy to control and protect their assets. They are now used much more widely for estate planning and asset protection, regardless of wealth.

What are the different kinds of Trusts?

There are quite a few different kinds of Trusts to be aware of when deciding if you want to use one.

1. Testamentary Trusts:

A Testamentary Trust Fund is a specific type of Trust that only arises in a Will to come into effect on death. The person making the Will (Testator) gives detailed instructions as to how they would like their assets to be managed and distributed for the executors and trustees to act on.

2. Lifetime, Living or Inter Vivos Trusts:

These are all terms that can be used interchangeably for a Trustthat is made during your lifetime to protect your assets and ensure that they are managed for your beneficiaries in the way that you want them to be.

3. Revocable Trusts:

A Revocable Trust enables the person creating the Trust (Settlor) to alter or cancel the provisions contained in the Trust while they are alive. Up until that point all revenues and incomes are distributed to the Settlor until their death, when the Trust is transferred to the beneficiaries.

4. Irrevocable Trusts:

An Irrevocable Trust Fund’s purpose is to move assets away from the control of the Settlor, and into the control of the Trustees. The act if doing this reduces the overall value of the Settlor’s estate and may therefore protect it from some estate tax and creditors. These Trusts can only be altered or cancelled with the consent of the beneficiaries or by the Court.

5. Life Interest Trusts:

A Life Interest Trust is a Trust that names one of the beneficiaries as a “life tenant”, which means that they will be entitled to the revenues generated by the investment, while giving the asset to another beneficiary on expiry of the life interest.

 6. Discretionary Trusts:

A Discretionary Trust is a Trust that gives the power and responsibility for making decisions about how to manage the assets of and when to distribute the capital and funds from the Trust to the Trustees.

 7. 18-25 Trusts:

An 18-25 Trust is a Trust that is created by a Will where the grantor has specified that a beneficiary that is a chid is not to receive their inheritance until they reach a specified age. This is usually done for tax reasons and to ensure that the beneficiary is old enough to handle the money that they are due.

How do I choose a trustee?

When choosing a trustee, it is important to consider their experience, reliability, and ability to act in the best interests of the beneficiaries.

The purpose of a Business Succession Trust is to provide a structured and tax-efficient way of transferring a business to the next generation, while minimising the impact of Inheritance Tax and other taxes. By transferring the business into the Trust, the current owner can retain some control over the business, while gradually transferring ownership and management responsibilities to the beneficiaries. Here are some common types of business succession trusts in England and Wales:

  • Family Trusts – Family trusts are a type of trust that is designed to benefit multiple family members, such as children or grandchildren, who may eventually take over the business.
  • Employee Ownership Trusts – An employee ownership trust (EOT) is a type of trust that allows employees to gradually acquire ownership of a business over time, often through a share ownership scheme.
  • Discretionary Trusts – A discretionary trust is a flexible type of trust that allows the trustee to distribute assets to beneficiaries at their discretion, based on the needs and circumstances of each beneficiary.

Setting up a Business Succession Trust can be complex, and it is important to seek the best professional advice. The right structure will depend on a variety of factors, including the size and complexity of the business, the goals of the current owner, and the needs of the beneficiaries. For more information about Trusts, click here to check out our Trusts page.

How often should I review my trust?

It is important to review any Trust regularly, especially if there are changes in your personal circumstances or changes in the law that could affect the Trust’s effectiveness. Our private client solicitors can help ensure your trust remains up-to-date and effective.

Who can be a Trustee?

Any individual or corporate entity can act as a trustee, but they must act in the best interests of the beneficiaries and comply with their legal duties.

Do I need a Trust?

A Trust may be beneficial if you have significant assets, are concerned about inheritance tax, want to ring fence your assets against other claims, and want to ensure your assets are managed and distributed according to your wishes.

What are the tax implications of setting up a Trust?

The tax implications of setting up a Trust can be complex, and it is important to seek professional advice to ensure you understand the potential tax consequences.

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Still Need Help?

Call 0330 912 8338 to have a chat with our Trust Fund experts.