We have an experienced and professional team who can advise you on the intricacies of creating a trust, the potential taxation implications (positive and negative) and provide support and advice if you are a trustee of an existing trust.
A trust is a way to give your assets to people of your choice (known as beneficiaries), in your lifetime or on death. The trust will name people to manage the trust (known as trustees). Unlike a straightforward gift, beneficiaries receiving gifts held in a trust will not have full control over the gift. Many people use a trust in conjunction with their will to pass on their assets on death in a manner they feel is appropriate to a particular beneficiary.
The mechanism of a trust can be useful for several reasons. For example:
- To benefit young children or grandchildren while they are under 18;
- To benefit family members who are either physically or mentally incapable of dealing with their own affairs;
- As part of a wider Inheritance Tax planning scheme;
- Upon receipt of a personal injury settlement;
- Under the terms of a will.
The responsibilities on trustees can sometimes be time consuming and burdensome. Trustees are obliged to invest the Trust Fund appropriately at the point when the trust is set up. There is also an ongoing obligation to ensure the Trust Fund remains invested appropriately throughout the duration of the trust. If the trustees fail in their responsibilities, they can be held personally liable for any connected losses by the beneficiaries. Our experienced team can help guide potential and current trustees through what may be required of them.
Recognised and recommended
Our Wills, Trusts & Probate team are recommended in The Legal 500 UK for their strong private client practice across our three branches. Partner and head of department, Lisa Glynne is also recognised as a ‘Leading Individual’ in the rankings.
In the event that you wish to challenge, or make a claim against a trust or trustee, our Litigation & Dispute Resolution team are here to help. Our Partner, Chris Fielding, specialises in this complex area and regularly supports clients who wish to bring or defend a claim. He is recommended in The Legal 500 UK as “empathetic and forensic in his analysis“.
Our wills, trusts & probate team
Court of Protection Specialist
Deputy Head of Wills, Trusts & Probate
Head of Lowestoft