What is a trust?

Trusts may seem complicated but can be extremely useful. Prior to creating a trust, you should seek professional advice as it may be that the type of trust you believe you require is not the most efficient for your personal circumstances. Several of our solicitors are STEP qualified and as such, have additional expertise in this area.

In considering a trust, we can advise on the role of the Trustee, and the matters to consider when selecting Trustees, how a Trust is administered and what the tax implications will be.

How to set up a trust

There are various types of trusts, including:

• Compensation protection trusts
• Lifetime trusts
• Will trusts
• Life interest trusts

Deciding which trust is the right one for you and setting it up can be quite complex. We can help you to keep it simple and make sure your interests are represented.

Why are trusts important?

Trusts are created for various reasons, some examples of which are set out below:

• to control, protect and preserve family assets for future generations
• as part of a tax planning exercise, to mitigate Inheritance Tax
• when someone is too young to handle their affairs
• when someone cannot handle their affairs because they are incapacitated
• when someone receives compensation due to a personal injury claim
• to pass on assets while you are still alive
• to pass on assets when you die (a 'will trust')
• under the rules of inheritance if someone dies without a will (in England and Wales)

If you want to set up a trust or want more information on trust law, our solicitors are here to assist you with your questions. Call us now on freephone 0330 041 5869.

Why should I consider legal assistance when setting up a trust?

We strongly advise working with a trust law solicitor when setting up a trust. They can help you with the following:

• Which type of trust is best for you?
• Which conditions should you include?
• If you can save taxes with your trust?
• Ensuring your trust does not conflict with your will.

If we can assist you with your questions, feel free to contact us.

What if a trust and a will are conflicted?

Contradictory instructions will cause confusion. As well as reviewing your will every 5 years or so in case of changes in personal circumstances or changes in tax legislation, we would suggest that in considering a trust, your will is reviewed at the same time as it may be you believe you require a lifetime trust whereby your circumstances may be better served by a will trust.

If you have a trust and a will, we advise you to have both documents checked by a solicitor to ensure they are not contradictory.

Why choose Slater and Gordon?

Our trust solicitors are specialists and are here to answer any questions you have. Our team are ready to offer their expert advice, call us now on 0330 041 5869 or contact us online today.

We also offer a variety of fixed fee will writing services, ranging from online wills to more complex wills which may involve various assets and sit alongside trusts.