Trusts

When reviewing your personal and financial affairs, it may be appropriate to consider setting up a trust.  Our team of experts, which includes two Accredited Specialists in Trust Law, advise a large number of individuals who are looking to manage their tax liabilities, make charitable provisions or simply want the peace of mind of having their affairs in order.

Trusts are often set up for tax reasons, or for family reasons and are, essentially, separate legal entities (rather like a company) which hold assets for beneficiaries. Some of the common uses for trusts are:

• to help save on the amount of Inheritance Tax which will be due on death
• to hold investments, life policies, pension benefits, private company shares etc, to help  reduce or save for future Inheritance Tax, and possibly, other tax liabilities
• to support charitable purposes using a charitable trust with corresponding tax benefits
• to hold capital for a period where parents, grandparents etc. have a concern that the next generation(s) may otherwise receive substantial assets/investments when they are too young
• in second marriages, to provide under a Will that an individual's spouse/partner will be entitled to the income from their estate, but not to the capital. This ensures the capital will pass on ultimately to that individual's own children/family
• to provide protection for someone who may be in a potentially difficult financial situation e.g. a difficult marriage, a high risk business, or the like
• to avoid splitting ownership of a business where there are succession problems in the next generation(s)
• to hold an individual's own assets which may otherwise be at risk in the future e.g. if in business, to provide a shelter from legal rights claims, on divorce, etc
• to take advantage of non-UK resident situations to reduce taxation
• to provide for a family member who is unable to deal with their own affairs

Obtaining sound advice on trusts, and ascertaining whether this is the most suitable means of meeting your objectives, is of paramount importance.  Our experienced team can review your current situation, taking on board your objectives, and will advise you of the best course of action.  They will also advise on other, related matters, such as Wills, Powers of Attorney and so on.

Charitable Trusts