In principle, a trust is a private legal arrangement where the ownership of someone’s assets is transferred to someone else, for them to look after and use to benefit a third party.

There can be many reasons why it’s not possible or practical to simply give your assets to the person you want to have them.

The recipient may be:

• young or unable to manage the responsibility.
• receiving benefits.
• experiencing marital problems, and you’d prefer your gift to not be included in the assets to be divided, and possibly end up in the hands of your ex son or daughter-in-law.

Whatever your reason, setting up a Trust can be an excellent way of simplifying and protecting both you and the recipient. For this reason, a Trust may be part of a Will. 

Trusts often form part of a Will, not least for the potential Inheritance Tax implications, as well as for ensuring your bequest goes to the person or people intended.

If a Trust is an appropriate consideration as part of your Will, we’ll be happy to advise and implement this for you.

Talk to one of our Wills solicitors about how to structure your Will, to help protect your estate for those you leave behind.

Inheritance Tax is the tax paid on your assets, savings, investments, property, vehicles, etc after Inheritance Tax Allowances have been deducted. 

While some taxes may be inevitable, a little estate planning may help make your affairs more tax-efficient. 

The implications of inheritance tax on your estate, and any lifetime planning you may be able to put in place, are an important area to review and consider. Not only to effectively deal with inheritance tax but also the possibility of future care home fees.

It’s wise to seek specialist legal advice on how best to protect your estate sooner rather than later, so plans can be put in place and allowances utilised.

There are numerous considerations our inheritance tax solicitors can advise you on, including:

• Will Trusts
• Trusts
• Gifts
• Investments
• Deeds of Variation
• Succession Planning within your business

Our specialist inheritance planning lawyers can give you tailored tax advice, including allowances, structuring your Will and tax exemptions you can take advantage of during your lifetime, which will lawfully reduce the size of your estate and its liability for inheritance tax.

Trusts often involve advice from accountants and financial advisers, as well as solicitors, and we’re happy to connect you with other local experts who can talk you through your investment options.

Making the best plans for the future can be a daunting time, which is why it’s helpful to get guidance and advice from professional Trusts & Inheritance Tax solicitors.  

We can advise you on whether a Trust is appropriate for your needs, the different types of Trust available and the tax implications of setting up a Trust.

We’ll put this in clear, easy-to-understand language and ensure you’re comfortable you understand everything before putting anything in place.