Trusts are a way of managing wealth and protecting assets from undesired third parties.
By putting assets into a Trust, they will be held and managed by an appointed person known as “Trustees”. The Trustees will hold the assets for the benefit of your loved ones known as “beneficiaries”.
A Trust may be useful for many reasons, including:
- Providing for vulnerable and/or disabled family members
- Providing for children from previous relationships
- Protecting assets from bankruptcy and divorce proceedings
- Mitigating inheritance tax
- Passing on assets while you are alive and/or upon death
- Providing funding for school fees and education for children and grandchildren
- Managing and protecting personal injury compensation
- Giving your family financial stability for the future
There are many different Trusts that can be beneficial to an individual and we can advise on each one based on your financial and family circumstances.
Our lawyers can advise in respect of both existing Trusts, and creating new Trusts. This will include advising on the contents of an existing Trust Deed and/or assisting with the administration of an existing or new Trust.
We can also assist with dissolving a Trust if it is no longer needed, and advise Trustees of continuing Trusts in respect of their role to ensure they understand their responsibilities.
We offer fixed fees for creating Trust Deeds, while any ongoing advice and administration of the Trust is charged at the lawyer’s hourly rate. The majority of our team are STEP (Society of Trust and Estate Practitioners) qualified and have years of experience dealing with all types of Trust. Holly Gilbert of our team is on the STEP committee and because she has a tax and accounting background she can therefore assist with the tax elements of the Trust.
