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Trusts

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Trusts

A Trust is a legal arrangement where money and property are managed by a third party (trustee) on behalf of you, your family or anyone else who you’d like to benefit (beneficiaries).

There are many reasons to create a trust, but they are often used for minimising taxes and ensuring that assets are protected and used for a particular purpose. Trusts can offer many other benefits as well, as part of a well-crafted estate plan.

We have many years of experience of dealing with trusts and can provide detailed and bespoke advice as to whether a trust is appropriate for you and also how to create and administer a trust.

Our team can advise on creating a trust to:

  • Pass on assets in a structured and controlled way
  • Minimise tax liabilities
  • Fund education and other costs for your family
  • Provide for children and partners from different relationships
  • Protect assets from third party claims such as on divorce or bankruptcy
  • Provide for vulnerable people

We can also advise on administering, changing and bringing a trust to an end.

Every family is different and has different needs, circumstances and priorities. Our experienced team has a wealth of experience in tailoring advice to suit you, all offered at fixed prices and in a friendly and approachable way.

Writing a Trust

Your Questions, Answered

These are a few of the key questions we get asked about Trusts

What is a Trust?

A Trust is a legal arrangement where money and property are managed by a third party (trustee) on behalf of you, your family, or anyone else who you’d like to benefit (beneficiaries).

Creating a trust is rather like deciding the rules of a game e.g.

  • You decide what money and property will be placed into the trust
  • You decide who will manage the assets in the trust
  • You decide who will benefit from the trust assets and in what way

Trustees often work with financial advisors to make sure trust assets are safely invested to provide income and/or capital growth. A plan is drawn up and decisions are made up around income and capital needs of beneficiaries. Income can either be paid to beneficiaries (if it is appropriate for them to receive it) or it can be retained in the trust.

Trustees need to (with the help of a suitably qualified financial advisor) manage the trust and ensure compliance with HMRC. We will work with you to ensure that assets in the trust are well managed and that all requirements are adhered to. We will also look at the tax efficiency of a trust to make sure that no unnecessary tax is being paid.

Who are the people involved in setting up a trust?

A trust is created by a ‘settlor’ i.e. the person who settles assets into a trust.

A trust is managed for the benefit of you, your family or anyone else you’d like to benefit, the ‘beneficiaries’.

A trust is managed and administered by the ‘trustees’.

You can be a settlor as well as a trustee. You may also be a beneficiary of a trust but there are special tax rules to be aware of and specialist advice should be sought.

Who can benefit from a trust?

Anyone can benefit from a trust e.g.

  • Named individuals
  • Groups (classes) of individual such as ‘my children’ or ‘my grandchildren’
  • Charities
  • Any other organisation such as a social club or worthy cause

If you name a class of people (e.g. grandchildren) and more grandchildren are born after the trust has been created then they can still benefit from the trust assets.

Depending on the type of trust created (and we can guide you through your options) the trust may have the ability to add in other beneficiaries later on, ensuring flexibility.

How do I set up a trust?

Before creating a trust, you should seek advice on the type of trust required.

Remember that setting up a trust is like deciding the rules of a game. You should think about:

  • What money and property will be placed into the trust
  • Who will be appointed to manage the assets in the trust
  • Who will benefit from the trust assets and in what way
  • How do you want the assets managed and distributed
  • Do you need help from a suitable financial advisor

Get in touch with our expert team so that we can talk you through your options. We can then advise on the best way to achieve your aims.

What can I put into a trust?

Anything at all! Common assets which are passed into a trust are:

  • Property and land (this could be a holiday home, buy to let, etc)
  • Cash assets such as money, stocks and shares, and investments
  • Life insurance payouts
  • Death in service lump sums
  • Personal possessions such as artwork, jewelry, and other valuables

Trusts care to be created in a lifetime and or via a Will on death.

Want To Know More?

Get in touch

Call Us On:

01243 444444

Send An Email To:

info@legalmatters.co.uk

Visit Us At:

The Byre, Hills Barns, Appledram Lane South, Chichester PO20 7EG

Our Others Services

Trusts

Key Contacts for Trusts

Lucy Thomas
Solicitor and Legal Services Director
lucy.thomas@legalmatters.co.uk

Andrew Titmus
Solicitor, Head of Estate Planning
andrew.titmus@legalmatters.co.uk
012432 16904 (Ext. 209)

If you would like to contact us please use the details below, or complete the forms opposite and we will respond as soon as possible.

Phone: 01243 216900

Mail: info@legalmatters.co.uk

The Byre, Hills Barns, Appledram Lane South, Chichester PO20 7EG



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