Some people still regard Trusts as the exclusive preserve of the wealthy. This is not the case. In simple terms, a Trust forms a protective wrapper or envelope around those assets placed into it by the person who creates it. A Trust is created when the Settlor gives assets such as property or money to the Trustees who hold the assets on behalf of the Beneficiaries.
Nowadays, Trusts are commonly used to protect your assets from possible claims and ensure the value of the assets can be preserved and passed on to your chosen beneficiary or beneficiaries. When drafted correctly, lifetime Trusts and Will Trusts can be very useful mechanisms to provide clients with peace of mind that they have done everything possible to protect the value of their assets and provide for their beneficiaries.
Broadly speaking, Trusts can be divided into two types, Lifetime Trusts and Will Trusts. As the name suggests, Lifetime Trusts are created during the lifetime of the Settlor (the person creating the Trust) and come into force as soon as the Trust is signed, dated and the chosen assets are transferred into it. A Will Trust is created in a persons Will and comes into force on his or her death.
A well drafted, professionally prepared Trust can have a range of advantages, which include:
- Mitigating/minimising potential Inheritance Tax liability.
- Reducing potential probate costs and fees.
- Avoiding/reducing “sideways disinheritance”.
- Minimising potential liability for care costs.
- Avoiding/reducing some creditor claims.
- Avoiding/reducing claims made against your estate by disaffected relatives .
- Protecting a beneficiary's future inheritance from the effect of divorce or relationship breakdown.
- Protecting your beneficiary's future inheritance from the effect of their bankruptcy.
Our team of experienced private client solicitors have substantial experience in drafting both lifetime and Will Trusts on behalf of clients. We specialise in all forms of Estate Planning/Asset Protection Trusts, Discretionary Trusts and Will Trusts.
The law surrounding Trusts is complicated and getting sensible professional legal advice is essential if a Trust is to be properly prepared and put in place. We offer expert confidential advice on all forms of Trust work. Our Private Client team has amassed almost fifty years of experience in the field.
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Our solicitors will be pleased to help.
Head of Private Client Department, Senior Solicitor
Lilian qualified in 1984 and joined the firm in 2008. Lilian has practiced throughout the North East of England. Lilian has amassed a wealth of experience in all aspects of private client law although she now specialises in Trusts/Asset Preservation, Wills and Probate and Powers of Attorney.
Lindsay joined the firm in 2009 and qualified in 2010. Lindsay specialises in Wills and Probate, Trusts/Asset Preservation and Powers of Attorney.
Kevin qualified in 2004 and joined the firm in 2014. Kevin specialises in Wills and Probate and Trust work
Angela joined the firm in 2011 and qualified in 2012. Angela assists Lilian Clark and Lindsay Goodson with Wills and Probate, Trusts/Asset Preservation and services for older clients.