Setting Up A Trust
Trusts offer a flexible and effective way to pass on money and assets. However, they can also be time consuming and complex to establish and manage. If you wish to set up a trust, the experts at The Law House are standing by to ensure you get this right. We can help you to determine if it is an appropriate step for you and, if you decide to proceed, ensure that the correct legal process is followed.
What is a trust?
A trust is an arrangement under which money, property or other assets are held by one or more people for the benefit of another party. You can create a trust for your own benefit or on behalf of someone else. In addition, you have the option of setting a trust up during your lifetime or providing the details in your will so that it comes into effect after you die.
When you are setting up a trust, you must decide who the trustee will be. This can be a person or a company, and they will be tasked with looking after the trust. You will also need to specify the beneficiary or beneficiaries. This is the person, or people, who will benefit from the arrangement.
The terms of these agreements are set out in a legal document called a Trust Deed.
What are the benefits of setting up a trust?
Trusts are a useful option if you want to protect your assets and ensure that they are set aside and made available to your chosen beneficiaries under particular circumstances.
These arrangements can help with tax planning, reducing your exposure to certain levies and helping you to leave more of your estate to your chosen beneficiaries.
They can also be used to give money to children who are currently too young to look after it. For example, it is common for grandparents to set up trusts to fund their grandchildren’s education. In addition, you can set up a trust in order to provide for disabled dependants.
Another use of these arrangements is to control how a gift is used. You can establish a trust in order to give someone money while continuing to make decisions over how the money is invested and used.
Trusts can also serve to preserve your assets against the potential of requiring long-term care – for example, to protect you against the risk of having to sell your home in order to cover the costs of local authority care.
A trust can make provisions for someone else to look after your property on your behalf if you are no longer able to or are likely to become unable to due to disability or illness. It can also be used to keep personal injury compensation payments separate so that they do not affect your eligibility for state benefits.
How can The Law House help?
At The Law House, we are well aware of the many potential advantages associated with setting up a trust. We also appreciate the importance of doing this right. Our expert team have many years of experience in helping clients to protect and control their assets through these arrangements.
We are standing by to help with all aspects of this process, including setting up the paperwork and ensuring the legal wording is correct, advising on practical and tax implications, sending the necessary details to HMRC and providing advice on appointing suitable trustees.
To discover more about how to set up a trust, please call us on 020 3150 2525 or email us at email@example.com. You can also visit our Facebook, Twitter and LinkedIn pages for further details on our services.