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A trust is a legal arrangement whereby assets are transferred to trustees (legal owners) to maintain for the benefit of a person, or group of people known as the beneficiaries (beneficial owners). A trust can be set up either during your life or by will.
The two main types of trust are:
- Life interest trust – allows for the income or benefit to be given to a specific beneficiary during their life and then on their death the capital is distributed amongst the remainder beneficiaries.
- Discretionary trust – the income and capital of the trust is distributed at the trustees’ discretion to any of the named beneficiaries.
The benefits of a trust:
Protection of beneficiaries
Trusts can offer a means of holding assets for those individuals who are unable to manage their own affairs i.e. younger children, vulnerable or disabled beneficiaries.
Protection of assets
If you have concerns about passing assets directly to family members, a trust can be useful to ensure these assets are retained for as long as possible.
Keeping control
The trust document allows you to set out how the trust assets are to be dealt withand who should benefit. As a trustee you can also be involved in the day to day management of the trust.
Providing for beneficiaries in different ways
To provide for a spouse in a second marriage or partner, during their lifetime, and at the same time to protect the capital interests for children from any previous marriage.
How we can help:
The creation and administration of trusts and settlements together with general advice on inheritance tax mitigation are core parts of the activities of this department and we can advise on all aspects of these complex subjects. We can advise on inheritance tax planning directly or as part of our service when making wills or setting up trusts/settlements.
In 2017 we received the Law Society’s prestigious Excellence in Private Client Practice award for our work in this area of law.
We can provide different pricing options depending on your budget and we are happy to have an initial chat without obligation – contact us today.
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Testimonials
My will was all done remotely by phone, notes, letters due to the distance involved – about 145 miles, general health and Covid restrictions.
More recently I had a serious illness with loss of driving license and other lasting problems but I have been very lucky with the outcome. What seemed difficult was much easier with the help I was given. Excellent service. Solicitor Alex Jenkins and secretary Enya Garrett have been friendly, considerate, shown knowledge in an understanding way throughout preparing my will – and I have never met them.
Wollens is highly recommended.
Karen Miller and I have collaborated on complex family cases where multi-generational planning is involved and her approach has been truly open minded in how to best meet client needs. This is unusual in my experience, and it takes a lot of skill and understanding of the wider planning landscape to be able to adapt one’s thought process as the case progresses.
Christopher Linton stands out in this sector across the South West. His knowledge, speed of service, and ability to build rapport and establish long term relationships, sets him apart from others.
Charlotte McGregor is the prime example of what Wollens do well. I have no hesitation in putting her name forward to clients whenever asked. She has a clear understanding of her subject, an excellent presentation of that subject, and leads her team by example. She has the ability to put clients at ease from the word go.
Karen Miller is very experienced with comprehensive knowledge of the estate planning area. Good appreciation of specific family circumstances.
Christopher Linton is fantastic at what he does on private client matters, and the praise that we receive from clients for recommending him speaks volumes. His knowledge, questioning mind, delivery and execution skills are as good as I have seen.
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