Trusts
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.
Trust Registration service – Register your Trust by the 1st September 2022 – read our guide here.
Contact Us
North, South, East or West. Wherever you are, we’ve got you covered. Contact us today for an informal chat, without obligation. We look forward to hearing from you.
Wills, probate & private client news
Flexible will service available
Wollens is pleased to launch a new range of will services for existing and new clients. At Wollens we understand the importance of your will but astonishingly statistics show that more than half of all UK adults (58%) still do not have a will*. Sadly, many people die...
It’s complicated – lifetime planning and marital status
Our wills and probate solicitor Charlotte McGregor explains how you can protect yourself and your partner in later life if you are cohabitees. The coronavirus pandemic has seen many marriage or civil partnership ceremonies postponed, and a survey by the wedding...
Inheritance tax threshold frozen until 2026 – but why is IHT planning still important?
If you intend to leave savings, property or other assets to family or friends after you die, you need to consider inheritance tax (IHT). It could cost your heirs up to 40% of their inheritance. By planning ahead, you can minimise IHT and ensure as much of your estate...
Worried about a vulnerable person during the Covid-19 lockdown?
As the UK’s coronavirus lockdown measures turn from weeks to months, concern over its effects on vulnerable and elderly people is mounting. The National Domestic Abuse Helpline has seen a 25 per cent increase in requests for help, but many people do not associate...
Coronavirus FAQs regarding wills and powers of attorney. January 2021
The continuing effects of coronavirus remain uncertain. Understandably, many people are concerned about its potential impact upon them and their loved ones. Jessica Wycliffe-Jones, wills specialist and private client solicitor here at Wollens has put together some...
A new scam linked to Covid-19 – Deborah Baker Partner at Wollens highlights the danger
Deborah Baker, Partner and Private Client Practitioner at Wollens. Now that the COVID-19 vaccine is being rolled out across the country, criminals are using this as a way to exploit elderly and vulnerable people. We’ve had a number of reports come in highlighting a...
Christopher Linton recognised in global STEP Awards
Partner Chris Linton has been named as one of four global finalists in the Trusted Advisor of the Year category at the STEP Private Client Awards for 2020. STEP is the Society of Trust and Estate Practitioners – the “Gold Standard” qualification for advisors in this...
Liz Crawford completes Society of Trust and Estate Practitioners (STEP) diploma in Trusts and Estates (England and Wales)
In doing so Liz’s membership demonstrates her commitment to high professional standards and continued professional development. Liz specialises in advising clients in relation to wills, trusts, Powers of Attorney, inheritance tax planning and estate administration....
Making or updating your will during Covid -19
Wollens Partner and Private Practice Practitioner Charlotte McGregor looks at the current process and immeasurable, helpful changes to legislation. As restrictions continue we (lawyers) are yet again required to think creatively about how to provide the best possible...
Christopher Linton recognised in legal awards.
Partner and private client practitioner Christopher Linton from Wollens has been recognised at the Law Society’s Excellence Awards - the highest accolade for law firms in England and Wales. The event – held virtually for the first time due to the Covid-19 pandemic –...
