Trust Solicitors

A Will Trust is created through your Will and comes into effect after your death. It allows assets to be placed into trust rather than passing directly to beneficiaries.

Will Trusts are often used where someone wants to provide for loved ones while keeping some control over how assets are managed. For example, they may be used to protect assets for children until they reach a certain age, or to provide for a spouse or partner while preserving assets for other beneficiaries in the future.

A Lifetime Trust is created while you are still alive, allowing you to place assets into trust and make arrangements for how they should be managed during your lifetime and beyond. Unlike a Will Trust, which takes effect only after death, a Lifetime Trust lets you start planning earlier.

People may consider Lifetime Trusts for a variety of reasons, including protecting assets, planning for future generations or managing how beneficiaries receive financial support.

Because transferring assets into trust can have legal and financial consequences, it is important to take advice before making any decisions.

A Discretionary Trust gives trustees flexibility over how and when beneficiaries receive benefits from the trust. Rather than setting fixed payments or shares, trustees can consider the circumstances of the beneficiaries and decide how the assets should be used.

This can be useful where family circumstances may change over time, such as supporting different generations or helping beneficiaries with different financial needs in the future.

An Interest in Possession Trust (also known as a life interest trust) gives a named beneficiary the right to benefit from trust assets during their lifetime, while the underlying assets are preserved for other beneficiaries in the future.

For example, a surviving spouse may be able to live in a property or receive income from assets held in trust, while the capital eventually passes to children or other beneficiaries.

A Vulnerable Beneficiary Trust can be used where someone benefits from a trust but may need additional support managing money or property.

These trusts are often considered where a beneficiary has a disability or is unable to manage their own financial affairs. They can help provide support while taking into account the beneficiary’s wider circumstances.

Property trusts can be used where someone wants to make specific arrangements regarding a property, including how it should be dealt with in the future.

These arrangements can be particularly important where there are concerns about protecting a person’s right to remain in a property or ensuring property passes in line with someone’s wishes.

In addition, a Declaration of Trust can also be used to formally record each person’s financial contribution to a property, helping protect their respective interests and clarify their share of the property.

A Charitable Trust allows you to set aside assets for charitable purposes, either during your lifetime or through your Will. It can be a meaningful way to support a cause that is important to you and ensure your contribution is used in line with your wishes.

Charitable Trusts can be created for a range of purposes, from supporting a specific organisation to helping fund a wider charitable objective. They have specific legal requirements, so taking advice can help ensure the trust is set up correctly.

There is no legal requirement to use a solicitor to create a trust, but trusts can involve complicated legal responsibilities and potential tax consequences. Professional advice can help ensure the trust is set up correctly and achieves your intended aims.

A trust can provide greater control over how assets are managed and passed on to beneficiaries. Depending on the type of trust, it may help you provide for loved ones, protect assets for future generations, support someone who needs additional help managing money, or ensure assets are dealt with in line with your wishes.

Yes, a trust can form part of your wider Inheritance Tax planning, but this depends on the type of trust, the assets involved, and when the trust is created. Placing assets into a trust may affect how those assets are treated for Inheritance Tax purposes.

No. Trusts can be useful for many different situations and are not only used by people with significant wealth. They can help families protect assets, provide for loved ones and manage how money or property is passed on.

It may be possible to place a property into trust, but this depends on your circumstances and what you are trying to achieve. Taking advice before transferring property is important, as there can be legal, financial and practical considerations.

This depends on the type of trust and the terms under which it was created. Some trusts allow changes more easily than others, while certain trusts may have limited flexibility.

A trustee can be an individual, such as a family member or trusted friend, or a professional trustee. Trustees must act responsibly and follow the terms of the trust.

Yes. Trustees have a fiduciary duty to manage trust assets properly, act in the interests of beneficiaries and comply with the terms of the trust. They may need professional advice to help them carry out these responsibilities.

The length of time a trust lasts depends on the type of trust and the terms used when it was created. Some trusts may end when a beneficiary reaches a certain age or when a specific event happens, while others may continue for up to 125 years.