Trusts are used to help you plan for the future - for example, passing your wealth on to children or grandchildren, paying for school fees or a care home, or as part of your tax planning.
A will trust is something you set up to benefit the people you want to pass on money or possessions to. After your death it will come into effect and the trustees who you have named, are given control over the assets covered by the trust. They must manage the trust on behalf of the beneficiaries of the trust. You can be specific about how much each person gets and when, or you can allow the trustees to decide; it is common to leave a letter of wishes to indicate your thoughts.
They can be used in a range of ways, however common uses for trusts include:
Our trusts specialists, including lawyers and tax accountants, can help you use and manage trusts effectively and stay the right side of the regulations. At the outset, we'll help you decide what type of trust is right for you. We have particular expertise in the creation of:
We know that trusts can be difficult and daunting. So our job is to make the process as simple for you as possible. Our services cover:
managing the tax liability efficiently
Tees also offers independent financial advice and our wealth management colleagues can offer you a seamless service with investment advice, to ensure all your trust affairs are managed efficiently.
Head of Trust and Tax
Bishop's Stortford office
Solicitor, Wills, Trusts, Tax and Probate
Executive Partner, Wills, Trusts, Tax and Probate
Bishop's Stortford office
Senior Partner, Wills, Trusts, Tax and Probate
A trust is a legal device used as a way of planning for the future and providing protection. You can use a trust to pass your wealth on to your children or grandchildren, to pay for school fees or a care home, or as part of your tax planning.
There are several different kinds of trusts that serve different purposes for the settlor (the party/s who put assets into the trust). Trust types include bare trusts, interest in possession trusts, mixed trusts, discretionary trusts, accumulation trusts, settlor-interested trusts and non-resident trusts. The most common types of trusts to be set up during a lifetime are the following.
Anyone over the age of 18 can set up a trust to hold their assets. There is not a set amount needed to set up a trust. However, you may consider a trust when you have assets you wish to protect, control or pass on.
Trusts have a number of useful functions for managing your assets. For example, trusts can be used to:
Trusts can offer protection for your assets, ensuring your financial interests.
A trust is managed by trustees. The trustees are appointed by you and in some cases can be changed, added, and removed, as per your instruction.
A trustee(s) needs to be a party, over the age of 18, that you trust to protect your fiscal concerns and manage your assets the way you have stipulated. If the trustees you appoint are also beneficiaries, you might consider whether it could result in a conflict of interest. Ultimately it is about who you trust to respect your wishes, be that your spouse or partner, family, friends, financial professional, or legal professional.
Trusts made during your life can last up to 125 years. It can be set up in the trust for the remaining assets to be dealt with as you wish once this time has passed.