What are trusts?
A trust is a legal arrangement which comes into effect when a ‘settlor’ places money, land or other assets in the hands of trustees. The trustees are responsible for managing the property for the benefit of a person or a group of people (‘the beneficiaries’) and to act in accordance with the wishes of the settlor.
Why set up a Trust?
There are many situations in which creating a trust may benefit you and your loved ones; you may want to ensure that assets are properly managed until your children or grandchildren reach such an age that they financially responsible. During the trust period, you may want to allow your trustees to use the trust property for your children’s benefit, for example to pay tuition fees.
A trust is also a useful vehicle of reducing the amount of Inheritance Tax which may be due from your estate.
- Tax planning and creation of trust are important in the following circumstances:
- When you have children
- When you are helping your children to buy their first home
- When you thinking of retiring
- When you divorce
Our dedicated team of specialist lawyers can provide bespoke advice on creating and managing a trust to suit your own individual needs.
We are offer a free telephone advice service if you are unsure whether a trust settlement is suitable for you.
If you would like some help or advice, then please feel free to call to arrange a conversation on 0208 232 9560, or drop us a note using the form below and we can book you a call with a solicitor.