Trusts can be a simple and tax efficient way to provide for your loved ones and protect your assets during your lifetime or after you pass away. However, you have a lot of options to choose from, so it is essential that you have the very best legal advice and guidance to help you make the right decision.
Combining skilled legal advice with a friendly personal service, we will help you make an informed decision about the best way to use trusts to achieve your goals and secure a safe future for you and your loved ones.
To speak with one of our expert trusts solicitors, get in touch with:
- Liz Middleton at our Harlow and Bishop’s Stortford offices on 01297 439439 or firstname.lastname@example.org
- Gerry Smith at our Epping office on 01992 561111 or email@example.com
How our trust law solicitors can help you
Knowing where to start with setting up a trust can be tricky as there are so many types available. Our trust solicitors can help you make the most of the opportunities available to you. Our expertise includes:
- Creation, review and variation of trust documents
- Ongoing administration throughout the lifetime of the trust, for example:
- Advising trustees and beneficiaries on their duties, obligations and entitlements
- Advice on making a Will and use of trusts in estate planning
- Tax planning advice, including Inheritance Tax and Capital Gains Tax
Our first step will be to get to know you and what you want to achieve so we can tailor our advice accordingly. We will talk you through the different types of trust, how they work, and their advantages and disadvantages so you can make a fully informed decision about how to proceed.
What is a trust?
A trust is a legal instrument which allows you to appoint people – usually relatives or close friends – to “look after” money or property for a person or people on your behalf. The people involved in the trust are:
- The settlor – the person who makes the trust
- The trustees – the person or people appointed by the settlor to manage and control the trust property (which can be money or assets)
- The beneficiaries – the person or people who benefit from the trust
When you put money “into trust”, it means you transfer legal ownership of that money to the trustees. The trust protects your money because the trustees cannot use it for their own benefit. They are legally required to only use it for the benefit of your chosen beneficiaries.
Depending on the type of trust you set up, you may have to pay tax and the trustees will be responsible for filing tax returns. Trusts can also minimise tax liability, for example, they can be used to reduce Inheritance Tax after the settlor dies.
Why set up a trust?
Trusts have many uses and can be used to benefit people during your lifetime or after you die. Just some of the reasons to set up a trust include:
Reduce Inheritance Tax
Depending on the type of trust you use, it might not attract Inheritance Tax after you die (other than in limited circumstances).
However, trusts can attract other types of tax such as Income Tax and Capital Gains Tax, so it is important to take independent financial advice before deciding to set up a trust to reduce Inheritance Tax.
For more information, please visit our Tax Planning Solicitors page.
Provide financial support for loved ones
Trust funds can be used to provide for loved ones during your lifetime – for example, to support a loved one who cannot manage their own finances due to an illness, injury or disability.
They can also be set up to protect your loved ones’ inheritance after you die. For example, if you have young children or an adult relative with a learning disability who cannot hold or manage their own inheritance.
Control how your money is used
Although the trustees will be responsible for managing your trust, you will have total control over the terms of the trust document, including who gets your money and how it can be used. For example, you can restrict money being used for certain purposes or place conditions on your loved ones’ inheritance.
Depending on the type of trust, the trust property may not have to go through probate after you pass away, meaning the beneficiaries will not have to wait for the long process to finish before accessing the money or assets.
Set aside money for your care
Ensure you are well looked after as you grow older by setting aside money specifically to be used for your care.
Prevent your home being used to pay for care
If you own a property with your partner, you can make a Will to put your share into trust after you pass away. This means if your partner ever needs to move into residential care, the local authority cannot take your share of the property into account when assessing their ability to pay care fees. This can allow you and your partner to leave some of your home’s value to your children.
Why choose our trust solicitors?
- Expert advice in plain English – trusts is a complex area of law but with the right advice, you can reap numerous rewards. We have a detailed understanding of trusts law and practical experience talking clients carefully through their options. When you can instruct us, we will ensure you benefit fully from our expertise and the opportunities available to you.
- Personalised service – everyone’s individual and family situation is unique so we will take the time to get to know you to fulfil your individual needs. We will assign a lawyer who will take responsibility for your client satisfaction. They will provide you with updates and act as your first point of contact if you have any queries or concerns.
- Accredited expertise – several of our team are recognised specialists, committed to upholding recognised principles of good practice within the lifetime planning profession. Amongst our team, Gerry Smith is a member of STEP (the Society of Trust & Estate Practitioners) and Liz Middleton is a member of the Law Society’s Private Client Section.
- Inclusive environment – we work to make our legal services accessible to all. So, if you have any disabilities or individual needs, please get in touch for a confidential discussion about how we can help you utilise our services or make your experience with us better.
Get in touch with our trusts solicitors in Harlow, Epping and Bishop’s Stortford, Essex
For expert advice about setting up a trust, get in touch with: