You would want to create a Trust if you want assets to be held by someone (Trustee) for the benefit of other people (Beneficiary).
What can I put into a Trust?
- Other property, eg cars, collections, heirlooms
Who should I leave my assets to?
That is a question for you, but we can guide you through who you should consider making the beneficiary of a Trust. It is likely that the beneficiaries will be family members or close friends, but they can be others whom you want to provide for.
Who should be my Trustees?
This is an important decision. The Trustees should be trust-worthy and have a good administrative and organisational approach.
Whomever you choose, they will be bound by Trust Law to ensure that they are doing their job as Trustee properly. If they are not the beneficiaries or the settlor of the Trust may bring a claim against them.
We offer a full set of services as Trustees, which will ensure your Trust is being looked after professionally, but that is not necessary in order to set up a Trust: You may choose whomever you like.
When can I create a Trust?
So long as you are legally able to sign a Trust document, you can create a Trust. It is usual for people to create a Trust during their lifetime, but Trusts can also be created in a will, ie when that person has died.
We are able to advise you on the creation of both wills and Trusts, whether the Trust is set up in your will or not.
Are there massive tax benefits to having a Trust?
We do set up structures, including Trusts, that have tax benefits and can advise you on the best way to go about doing that.
If the trust is set up purely for the purpose of avoiding a tax bill, now or in the future, that is likely to be ineffective. There are nearly always other reasons for setting up trusts, and we can ensure you are aware of the pitfalls before creating anything unnecessarily.
What kind of Trusts should I look at?
Do not think that these types of trust are the only available: We are able to advise on different uses of each, different combinations and on your individual needs.
|If you need straightforward and practical commercial advice on trust management matters, contact us and we can organise for you to talk to one of our Kings Cross trusts solicitors.||Contact Us|