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Trusts offer a means of holding and managing money or property for people who may not be ready or able to manage it for themselves.
Indeed, trusts can be created to benefit people who are not even born yet – such as future grandchildren.
Trusts can also help minimise Inheritance Tax and ensure that the deceased’s wishes are followed accurately and quickly. Trusts are also very commonly used for charitable funding.
To determine whether a trust or settlement would be appropriate for you, we would recommend that you seek advice from one of our experts to ensure that you get the best outcome for you and your family.
To help you get a full understanding of your options please contact a member of our Private Client team for a free initial no obligation discussion to ensure you get the outcome that’s best for you, at the cost that’s right for you. Please visit our Payment Options page for more details on costs.
For most people, however the type of trust that they are most likely to be asked to make decisions about personally is a trust established to arrange for their family’s financial affairs. In this context the main attraction of a trust is that they give the person creating the trust (the Settlor) greater confidence about how those assets will be used in the future. Put simply, trusts offer a means of holding and managing money or property for people who may not be ready or able to manage it for themselves. Indeed, trusts can be created to benefit people who are not even born yet – such as any future grandchildren someone may have.
Some of the most common situations where trusts are used (often in conjunction with a Will) are:
- To provide for a spouse / partner after death while protecting the interests of any children
- To protect the inheritance of young children until they are old enough to take responsibility for their own effects
- To provide for vulnerable relatives who are unlikely to be able to look after their own affairs
- To help succession planning in family businesses
Trusts are particularly useful when planning how money and assets should pass from one generation to another, especially when family structures are complicated by divorce and second marriages.
It has been said that for every family problem or situation, there is a trust that can be constructed to suit the need. Creating the right kind of trust to match your particular situation requires specialist help.
We can help you in the setting up of a trust during your lifetime (generally known as a Settlement) or upon your death if you wish to establish a trust in your Will.
We can advise you on the use of trusts in a variety of contexts and assist, not only in their implementation, but also in their management. If a trust has already been established, we can advise the trustees on their responsibilities, including their fiduciary duties and compliance with accounting requirements as well as the general administration and the winding up of a trust.