what are trusts?
trusts are generally seen as complex legal documents, and they certainly can be, but they can be extremely useful for protecting various assets such as your home and investments and also to allow discretion as to when assets are distributed depending on the needs of your chosen beneficiaries, They can also be used for tax mitigation and estate planning, to make the most of your lifetime allowances and other reliefs The key to achieve these goals, however, is to ensure they are drafted correctly
how could trusts be relevant to you?
making gifts to family - whilst you may decide you want to make a gift to loved ones of money or assets, you might be worried as to what would happen to those assets should your family members get divorced or go bankrupt for example. Trusts can help protect these assets for your family and the next generation
care fees - with average care home fees per week in the UK ranging from £655 for residential only and £937 for nursing, people can soon find that their entire estates are eaten up paying for care in their later years. Property protection trusts provide options for couples to protect assets owned jointly from being taken into account for such means-tested fees
making provision for a vulnerable person - if you are looking to pass money or assets onto someone who may be vulnerable or be suffering from a disability, there is a special type of trust arrangement which can be used to protect those funds during that person's lifetime
how can we help?
we can advise if a trust is the right option for you based on your individual circumstances and, if so, what type of trust and the administrative requirements that go with it. We draft the documents in simple terms and provide full explanatory notes so that you understand every word of the document you are signing. We can also provide ongoing advice if regular tax returns or Trustee meetings are necessary