What is a trust?
A trust enables you to give away assets but on terms that they will be dealt with in a certain way.
A trust is a legal relationship in which a ‘trustor’ gives a ‘trustee’ the right to manage their assets such as property, money, investments or land. The trustor, also known as the ‘settlor’, is the owner of the assets and the trustee is the person being trusted with the management of those assets. The trustor will set out how they want their assets to be used within a ‘trust deed’ which details specifically how each beneficiary will benefit from the trust.
What does a trust solicitor do?
Trust solicitors can help you navigate the legalities of creating a trust, whether you are setting up a trust to pass on assets while you are still alive or you want to set up a ‘will trust’ for after you die.
Our solicitors can provide guidance on the most tax efficient way to set up your trust and advise on the best type of trust for your situation. We’re also able to help you amend or end an existing trust where required.
Our trust solicitors can help you to achieve all of the following:
- Protecting and helping you to control your and / or your family’s assets.
- Passing on your assets whilst still alive / once you have passed away in as tax efficient a manner as possible.
- Managing the affairs of someone who is too young or does not have the mental capacity to do so themselves.
- Ensuring your wishes for specific assets are met, whether you want to fund your grandchildren’s education, protect assets from creditors or divorcing partners, provide for a vulnerable person or manage compensation received from a personal injury claim.
Flexible wealth protection
An increasing number of individuals want to set up trusts, not just to tackle the issue of inheritance tax, but also to deal with concerns about bankruptcy or divorce proceedings.eople are looking to trusts to provide them with added protection for their funds.
Trusts offer valuable flexibility and wealth protection, as well as more options than a simple legacy gift.f someone wants to make sure their surviving spouse has a roof over their head but is keen to protect their capital in the event of a remarriage, a trust offers an ideal solution. It can also be very useful to set money aside in a trust for children until they are older and better able to deal with the responsibility.
With many people now living longer, setting up a trust can also allow monies to effectively “skip” a generation, something which is an increasingly popular option for sons and daughters who are themselves in their 50s or 60s and already financially comfortable. By looking at several generations of a family together, our solicitors can help you understand the best scenario for your particular circumstances and the relevant tax planning options.
Our role often involves using trusts (or other appropriate vehicles) to structure clients’ business affairs and family investments, dealing with taxation issues arising on divorce and reducing taxes on death. We are also able to advise clients on all aspects of both onshore and offshore trusts.
Clients seeking impartial administration of a family trust can choose The B P Collins Trust Corporation as a professional trustee to ensure their trust is administered correctly.
In addition, the B P Collins trust administration team understands the role of a trustee and can guide them through the increasing legislation that encompasses a trustees’ duty. We can offer efficient and expert handling of your trustee compliance obligations and assist with the day-to-day maintenance of your trust, including any key changes that affect the trust over time.
Can I set up a trust without a solicitor?
While it is technically possible to set up a trust without a solicitor, we would strongly advise against it. Trust deeds use very specific legal wording and if you get it wrong, your trust may be deemed invalid. The main reason people set up a trust is for the reassurance that their assets will be administered accordingly, so it’s worth using a solicitor to help you guarantee that your trust is legally binding.
B P Collins’ reputation continues to excel in the legal directories. The firm is recognised as a regional heavyweight, many of our services are tier one and several of our lawyers are recognised as either leaders in their field or next generation lawyers.
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