Trusts

Trusts are a means of preserving assets for the future - providing flexibility as well as a potentially tax efficient means to protect your wealth for the benefit of future generations. We can advise on which type of trust would be most suitable for your needs.

We also provide ongoing trust administration and advise trustees and beneficiaries of their responsibilities, obligations and entitlements. One or more of our partners would be happy to act as a professional trustee and where appropriate to take on the day to day administration of the Trust.

What is a Trust?

A trust is an arrangement whereby the legal owners of a property or assets (the trustees) invest and manage that property or assets for the ultimate benefit of a specified individual or individuals (the beneficiaries) at a given time. Trusts can be established during your lifetime or created by your Will bringing the trust into effect on your death.

Trusts can have a number of uses including:

• To leave assets to young children when they have reached a specified age or marry. During the interim period the assets of the trust will be managed by the trustees and can be made available for the children's benefit on a controlled basis - typically to help with their upbringing and education. This type of trust is also popular with grandparents wishing to leave assets to their grandchildren.
• Second marriages – when someone has remarried but has children from a former marriage. When the first partner (the testator) dies the surviving spouse is given a ‘life interest’ in the marital home - meaning that he or she can live in it until they die or remarry - but on the death of the surviving spouse the property is ultimately passed to the testator's children.
• Minimising Inheritance Tax liability. There are some major tax savings available through the use of trusts and we can help with this.