Personal

Trusts Solicitors

We can advise you on all aspects of Trusts, whether it be advising on tax implications of Trust Deeds, setting up, administering or winding up a Trust.

SOLVING PERSONAL LEGAL MATTERS

Trusts are useful mechanisms whereby money is held by Trustees on behalf of beneficiaries. Trusts can be created in your lifetime or upon your death via your Will. There are several types of Trusts serving different purposes. The trustees can be family members or friends, or professional trustees such as accountants, solicitors or a Trust company. They will hold the Trust Fund and act in accordance with the terms of the Trust deed or Will.

Why set up a Trust?

Examples of why you might consider setting up a Trust are:

To benefit your children or grandchildren whilst they are minors whether it be during your lifetime or upon your death
To provide for a family member who is physically or mentally incapable of dealing with their own financial affairs
To preserve monies received as part or all of a personal injury damages award. It may be advisable to place these monies in a Personal Injury Trust, a Trust designed to protect entitlement to means tested benefits following a Personal Injury damages award.
Family Trusts and Asset protection - to ensure that the family assets ultimately stay within the family.
To mitigate tax liability by creating a Trust for death benefits or a life insurance policy

We can advise you on all aspects of Trusts, whether it be advising on tax implications of Trust Deeds, setting up, administering or winding up a Trust. We are also happy to act as Trustees and regularly do so for our clients.

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FAQs

What's the benefit of setting up a Trust?

People are often confused by Trusts and think that they are just for the very wealthy. In reality, Trusts can be a very useful way of providing for your family and protecting assets as well as assisting with estate and tax planning.

When should I consider using a Trust?

If you have remarried and want to provide for your spouse and protect your assets for your children.
If you have a vulnerable beneficiary who would not be able to look after assets for themselves.
If you have beneficiaries who may receive state benefits and support, including long term care. A Trust can enable you to make provision for them without affecting the financial support that they receive.
For beneficiaries who are likely to be financially imprudent.
If you are receiving compensation for a personal injury, protecting the award in a Trust can make sure that you do not lose entitlement to means tested benefits and support.
If you want to give assets away in your lifetime but do not feel that your beneficiaries are ready to receive the money yet.