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Trusts
Trusts are an invaluable tool for estate planning and can be created during your lifetime or under the terms of your will.
Many people become concerned when they hear the word 'trust' but our specialists are able to give clear advice on how various trust structures operate and how they may be used for a variety of purposes such as:
- protecting assets for young beneficiaries who perhaps lack the experience or the maturity to manage large sums of money, or where you are concerned about them becoming involved in divorce proceedings or becoming bankrupt in the future
- mitigating tax and in particular, inheritance tax, when used as part of a wider review of your personal affairs
- allowing you to direct how assets in trust are distributed even beyond your death, so that your trustees can respond to changes in circumstances of the beneficiaries and you can be sure that they continue to be provided for if necessary
- providing for vulnerable or disabled beneficiaries
- ring-fencing assets so that they are not taken into account in means tested benefits, for example where an elderly surviving spouse requires full time nursing care
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