Trusts
What are Trusts?
A trust is a way of setting up a separate legal entity to hold assets which would be taxed and dealt with separately from your own assets. This can be a useful tool:
- for tax purposes.
- to protect assets from certain individuals.
- to control and protect assets for specific long-term beneficiaries.
- For funding a specific purpose, e.g. for charitable purposes.
For example, a “Vulnerable Persons Trust” can be set up for a family member with complex needs or a trust can be set up for a family member with addiction issues. In these circumstances it may not be appropriate to give them the funds e.g. they may lose any mean-tested benefits, and they need to be protected.
Setting up a trust
A trust can be set up in your Will, coming into force after you have passed away (a “Will Trust”), or during your lifetime. There are many complex technical legal rules and tax implications which apply to trusts so it is important that advice is taken before establishing a trust and during the course of the administration of a trust.
I can help with:
- advising on setting up a trust
- guiding you through the process;
- administering a trust
- assisting with administration issues such as retirement and replacement of trustees and 10-yearly anniversary and exit charges and dealing with a trust when a beneficiary or Trustee dies.
- Registering trusts
- acting as a professional trustee (possibly alongside family members) where a trust could benefit from a legal expert
What I offer
I have over 20 years’ experience dealing with Trusts and complex family situations. I can guide you through the process, giving you the pros and cons and providing not only sound legal advice, but pragmatic solutions based on my wealth of experience.
Feel free to call me on 07918 893175 for further information or if you would like to discuss your circumstances. Alternatively, you can email your query to james@jpwinfield.co.uk or through my contact page.
