As we go through life, many of us will accrue a certain amount of financial assets: property, savings, vehicles and perhaps even shares in a business. These assets become part of our estate, and when we die, they are distributed to our chosen beneficiaries in accordance with the Will we have left behind. Part of your estate planning may involve you setting up a Trust to provide for your beneficiaries in the future. Here at Pickering & Butters, our dedicated trusts solicitors have vast experience helping clients through the process of estate planning. Whether you are looking for advice on the drafting and setting up of trusts, or need assistance in taking over and running existing trusts, we have a raft of specialist know-how at your disposal.
Why choose Pickering & Butters trusts solicitors?
Whether you are setting up a trust of your own or you are a trustee and need advice or assistance, our team of specialist trusts solicitors are here to help. Our priority is to protect your interests, and we do so by gaining an in-depth understanding of your individual requirements before getting started. That way, you can rest assured that the advice we deliver is completely tailored to your needs and objectives, no matter how complex your situation. By instructing one of our trusts solicitors to help you with estate planning, we will help ensure the smooth transfer of your assets, allowing you to have as much control over your financial affairs as possible. Each member of our team is a specialist within the field of estate planning, equipped with the experience and expertise necessary to help you set up a trust with minimal fuss. The regulations surrounding trusts are very complex and they have their own tax rules. As a trustee, you can rely on our dedicated team of trusts solicitors for assistance in ensuring everything is being run in accordance with legal requirements.
What is a trust?
A trust is a legal arrangement, which allows a third party chosen by you (known as the “trustees”) to hold your assets on behalf of a beneficiary. Once established, these trustees ’ will be responsible for administering the assets under the trust in the best interests of the beneficiary.
Why should I set up a trust?
The primary reason for creating a trust is to protect your loved ones, ensuring that they will be provided for in the future. This is something you may want to consider if your chosen beneficiary is below the age of 18 and is therefore too young to inherit. By making a gift into a trust, this sum of money will remain in the trust until they turn 18, at which stage it will be released into their account. You may also consider setting up a trust if the beneficiary in question struggles to manage their finances well, establishing a system in which the funds are released gradually from the trust as opposed to all at once. A trust is also a good idea if your beneficiary suffers from any form of disability, as it ensures that the money you have passed on will never be seized by the local authority should they be required to fund the cost of care in the future.
However, another reason and benefit of setting up a trust is to ensure that your chosen beneficiaries receive the full gift you intend to give to them. By setting up a trust, you can take certain assets out of your estate, meaning that they are not subject to Inheritance Tax.
Assets held in Trusts also avoid the need for a Grant of Probate, since the assets in the trust are no longer part of the estate. This means that your chosen beneficiaries may gain access to these assets a lot faster than they would had they remained part of the estate, as the process of estate administration can be complicated and lengthy.
At Pickering & Butters, our trusts solicitors are experts in estate planning. If you wish to avoid inheritance tax or make long-term financial plans for your family, we will be at hand to advise you on the creation of, and regulations surrounding trusts to ensure your interests are protected and your assets are safeguarded.
For specialist advice or assistance in estate planning, please get in touch with our dedicated team of trusts solicitors today.