Trusts, when prepared and administered correctly, can be excellent vehicles for asset protection and tax planning purposes allowing assets to be controlled and managed by Trustees for the use and benefit of Beneficiaries.
Due to the flexibility they afford, Trusts can help mitigate against taxes such as Inheritance Tax, Income Tax and Capital Gains Tax. They can allow assets to be distributed in accordance with wishes long after the Trust itself has been established. They can also facilitate the smooth succession of business and agricultural assets, ring-fence assets against potential claims by third parties, provide for a series of Beneficiaries in succession, allow assets to be controlled at the discretion of carefully selected Trustees and provide for vulnerable and disabled Beneficiaries ensuring assets pass in the way you intend, long after you’re gone.
Trusts established now can last for up to 125 years, allowing for many years’ worth of planning. Again, due to their flexibility, they can adapt to accommodate changes in circumstances such as the retirement and appointment of new Trustees, the inclusion of new Beneficiaries and Trust assets and new wishes and objectives can be followed.
Quite often when planning is undertaken for individuals, Trusts may be prepared alongside other arrangements such as Wills and Powers of Attorney. Trusts may be established during a person’s lifetime or on their death by the Will itself.
There is a misconception that Trusts are only suitable for the very wealthy. Whilst it is true that Trusts can assist with things such as tax and succession planning, they are also beneficial where, say, your home is your most significant asset. Typically, as to whether or not Trusts would be suitable is dependent on the circumstances, such as the wish for control and the wish to protect assets for potentially exposed, vulnerable or disabled Beneficiaries.
We have established and grown our reputation as specialists in Trust related matters and advise other law firms and professionals in this area. Our Trust lawyers are recognised Trust and Estate Practitioners within the Society of Trust and Estate Practitioners (STEP), ensuring the highest level of qualification and experience.
We advise in all aspects of Trusts and their administration. We help with the creation of new Trusts bespoke to your requirements and thereafter, guide and assist Trustees and Beneficiaries. We also manage Trusts on our clients’ behalf and can act as professional Trustees when requested to do so in the appropriate circumstances.
Please feel free to contact us if you wish to explore the benefits that Trusts may afford you, your family and your business.
If you are a Trustee or Beneficiary of an existing Trust, or perhaps a professional advisor with a Trust related query, we would be happy to assist.
Our team can advise you on:
- The creation and termination of Trusts
- Trust Management
- Asset protection
- Taxation of Trusts
- Trust administration
- Estate, wealth and tax planning
- Trustees’ duties and responsibilities
- Beneficiaries’ rights and entitlements