Planning for the future, especially when it comes to your family’s financial security, is essential. A well-drafted will, combined with carefully structured trusts, can help protect your assets and ensure a smooth transition for your loved ones.
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For a free initial discussion with a member of our New Enquiries Team, get in touch with us today. We are experienced in dealing with all the legal aspects of Trusts in Wills and once instructed, we will review your situation and discuss the options open to you in a clear and approachable manner. Early expert legal assistance can help ensure you are on the best possible footing from the start and also avoid the stress of dealing with these issues on your own. Simply call us on 0345 901 0445 or click here to make a free enquiry and a member of the team will get back to you.
What is a Trust?
A trust is a legal arrangement where assets are held by one party (the trustee) for the benefit of another (the beneficiary). By setting up trusts within your will, you can provide for your family’s needs and wishes, while minimizing potential tax liabilities and legal complexities.
Why Consider Trusts in Your Will?
- Protecting Vulnerable Beneficiaries:
- If you have a child or other dependent who is unable to manage their own finances, a trust can safeguard their inheritance and ensure it’s used wisely.
- The trust can provide a steady income stream for the beneficiary’s needs, such as education, healthcare, or housing.
- Minimizing Inheritance Tax:
- By structuring your will correctly, you can reduce the amount of inheritance tax payable on your estate.
- Trusts can be used to transfer assets to beneficiaries over time, taking advantage of annual exemptions and other tax-saving strategies.
- Providing for Specific Needs:
- You can use trusts to provide for specific needs, such as funding a child’s education, supporting a charitable cause, or maintaining a family home.
- By setting clear guidelines within the trust, you can ensure that your wishes are carried out.
- Protecting Assets from Creditors:
- In certain circumstances, a trust can protect assets from creditors, such as potential claims from business partners or other individuals.
- This can be particularly important if you have concerns about a beneficiary’s financial management skills or potential future liabilities.
Types of Trusts in Wills
- Discretionary Trust: This type of trust gives the trustees discretion over how the trust funds are distributed to the beneficiaries. This flexibility allows for the trustees to adapt to changing circumstances.
- Fixed Trust: In a fixed trust, the terms of the trust specify exactly how the trust funds are to be distributed. This can be helpful when you want to provide for specific needs, such as a child’s education or a charitable donation.
- Interest in Possession Trust: With this type of trust, the beneficiary has immediate access to the income and capital of the trust. This can be suitable for beneficiaries who are capable of managing their own finances.
The Role of a Solicitor
A solicitor can play a crucial role in setting up trusts within your will. They can:
- Advise on the Most Suitable Trust Structure: A solicitor can help you choose the type of trust that best suits your family’s needs and circumstances.
- Draft the Trust Deed: A solicitor will draft the legal document that establishes the trust, outlining its terms and conditions.
- Appoint Suitable Trustees: A solicitor can assist in appointing reliable and trustworthy individuals or professional organisations as trustees.
- Manage the Trust: Solicitors can provide ongoing management and administration services, including dealing with tax returns, investments, and distributions.
- Deal with Legal Issues: If any legal issues arise, a solicitor can provide advice and representation.
Planning for the Future
By carefully planning your will and incorporating trusts, you can provide for your family’s future, protect your assets, and minimize tax liabilities. A qualified solicitor can help you navigate the complexities of estate planning and ensure that your wishes are carried out.
At Blackstone Solicitors, we have extensive experience in estate planning and trust law. Our team of expert solicitors can provide you with the guidance and support you need to make informed decisions.
We have a proven track-record of advising upon all aspects of private client work. We will guide you through the process and ensure all checks are carried out swiftly and efficiently and we firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.to incorporate, what kind of ownership
How to Contact Our Private Client Solicitors
It is important for you to be well informed about the issues and possible implications of setting up a Trust. However, expert legal support is crucial in terms of ensuring a positive outcome to your case.
To speak to our Trust solicitors today, simply call us on 0345 901 0445, or click here to make a free enquiry. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.
Disclaimer: This article provides general information only and does not constitute legal advice on any individual circumstances.
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