Our specialist team can advise you on the use of Trusts in a variety of contexts and assist you in their implementation and management. We can advise you on the type and terms of the Trust, the powers required and who would make the best Trustees.
When is the creation of a Trust in a Will is frequently used?
- If you are providing for young children (particularly, but not only, your own) or perhaps grandchildren, Trusts are essential to ensure that funds are properly managed until the children are old enough to assume responsibility themselves.
- If your family set up is a little more complicated and you have step-children or children from a previous relationship as well as your partner or spouse to consider, a Trust may be vital in ensuring everyone is adequately cared for.
Another invaluable part of tax planning is the making of lifetime gifts, frequently but not exclusively, for the benefit of your children. A properly constituted and managed Trust may be essential here.
You may wish to provide for a relative who is disabled or bankrupt or going through a divorce. A Trust can help them receive the most benefit from you either during your lifetime or in the event of your death.
Trusts can also assist people who have received money from a personal injury claim to ensure that they can continue to receive state benefits. A vunerable Persons Trust can also follow a more favourable tax regime if the beneficiaries are unable to manage assets themselves.
A Trust may also safeguard assets from being used to pay for care home fees yet the money in the Trust could still be used for the benefit of the person receiving care.
We have also produced the below guide to help you with your Trust planning: