Trusts

You may want to set up a trust for any of the following reasons:

• To provide for your children, grandchildren, or other relatives. They will have access to the trust when they reach a certain age (usually 18, 21, or 25)
• To providing for someone who is vulnerable or disabled.
• For inheritance tax planning
• To shield assets or wealth from exposure to care costs

You may have other reasons too. Our solicitors will have an open and transparent conversation with you to work out the best way of achieving your aims.

There are a number of options available to you. We can help you with:

• Discretionary trusts
• Pilot trusts
• Life interest trusts
• Lifetime trusts and trusts created by a Will

These are quite technical terms, so if you’re not sure about the ins and outs of each option at this stage, that’s not a problem.

We’ll explain each one and we can help you decide which option is right for you.

The process may vary slightly depending on the type of trust you want to set up, and how much help you want from us.

As a general rule, we would usually expect to do the following:

• Work with you to identify the assets to be placed into the trust
• You decide on the beneficiaries of the trust
• We advise you on the type of trust that is best for your circumstances.
• Our qualified and experienced solicitors draft the trust deed
• We draft the paperwork to appoint your chosen trustees
• We register the trust with HMRC (for certain types of trust)

If you would like us to, we can also deal with the ongoing administration of the trust.

That includes: (i) preparing annual trust accounts, (ii) submitting annual trust tax returns, (iii) drafting trustee minute and resolutions, (iv) making appointments, and (v) winding up the trust.