Trusts Solicitors in Scunthorpe and Goole
Trusts have many benefits for those involved, particularly with wealth and succession planning and in supporting children under the age of 18 or vulnerable adults. While trusts have many benefits, they are a complicated area of law and require specialist advice and guidance when being set up.
A trust is set up for a number of reasons, including:
- To manage and protect family wealth
- When an individual is under the age of 18
- When an individual is incapacitated and cannot manage their own affairs
- To pass on assets in your lifetime
- To pass on assets when you die
Our solicitors are experts in this field, having considerable knowledge and experience assisting a wide range of settlors (the person creating and funding the trust), including those with a high net worth.
Our trust solicitors will closely work alongside you to take care of your interests. We will provide a bespoke service that entirely suits your needs and those of your beneficiaries (the individual benefiting from the trust). In addition to providing guidance to settlors, we can also assist with advising trustees (the individual in control of the trust) and supporting them with handling a trust.
Our trust solicitors can assist with the following matters:
- Advising on the use of trusts for wealth and succession planning, reducing inheritance tax and more
- Advising on the types of trusts available
- Setting up a trust
- Administrating a trust
- Amending a trust
- Trust disputes
What our trust solicitors can do for individuals
Advising on the use of trusts
There are many advantages of using a trust, both for the settlor and the beneficiary, including reducing the amount of inheritance tax an estate will be subject to, guaranteeing financial stability for loved ones, especially vulnerable individuals, protecting assets, and more.
Our solicitors will take the time to thoroughly explain the benefits of using a trust so you are well-informed and aware prior to making a decision.
Advising on the types of trusts available
There are many different types of trusts available, from those that can be created in the settlor’s lifetime to those that come into effect after their death.
Our solicitors have exceptional knowledge in this area of law and can provide insightful information on the different types of trusts available and the different benefits of each, so you can choose the right trust for you and your circumstances.
Setting up a trust
When you’ve made the decision of which trust you want to create, our solicitors can assist you with establishing a trust, including drafting the ‘declaration of trust’, advising what needs to be included, how the trust will be controlled, who will benefit and who will manage the trust.
Administrating a trust
If you are a trustee, it can feel like a chore administrating a trust. Our solicitors can provide helpful advice and support to make the role easier for you, ensuring everything is done correctly and as set out in the declaration of trust.
Amending a trust
A trust can only be amended if there is a clause in the trust deed that allows this or if all beneficiaries of the trust agree to the proposed changes. Where these conditions are not met, the trustee can seek court to try and get the trust changed.
Where there is already a trust in place, and supplementals or changes need to be made to it, our solicitors can provide practical advice and aid to the trustee to ensure these changes can be done, even where court is required.
Unfortunately, there may be occasions where disputes arise between beneficiaries or individuals who were not included in the trust.
Where such a dispute occurs, our solicitors can assist with swiftly resolving matters. We will always approach disputes using alternative dispute resolution methods, including mediation. But where matters cannot be resolved this way, we will tirelessly fight your corner in court proceedings, including putting together a strong argument and representing you.
Common questions about trusts
What is a trust?
Put simply, a trust refers to assets that are set aside and form a legal entity to benefit an individual known as the beneficiary. These assets will be separate from the rest of the settlor’s estate and no longer be considered their property.
Once a trust has been set up, there is no way for the settlor to reclaim the assets.
What’s the process of setting up a trust?
Setting up a trust involves creating a document setting out a number of important details concerning the trust and the individuals involved, which is better known as the declaration of trust. The details that will be stated in the declaration of trust will include:
- Who the appointed trustees are
- Who the beneficiaries of the trust are
- What assets will be placed into the trust
- The management details of the trust
- How the trust will be distributed to the beneficiaries
- When the trust will come into effect
What type of trusts are available?
There are several types of trusts available, which can be created whilst a person is alive or only comes into effect once a person passes.
A will trust is created to provide support to beneficiaries after an individual passes away, it will only come into effect in the event of their death, and the trustees named within will have control over the trust on behalf of the beneficiaries.
Life interest trusts
Life interest trusts are put into Wills and only come into effect where the settlor has passed away.
A life interest trust is where the trustee, which in this trust is most usually a spouse or civil partner, holds the assets (most commonly property). The trustee will have the ‘life interest’ and can benefit from it until they die. When this happens, the assets will be passed onto the main beneficiaries.;
Lifetime trusts can be created where the settlor is still alive and wishes to pass on part of their estate to an individual or multiple individuals, such as in a trust fund.
Compensation protection trusts
Compensation protection trusts are there to protect compensation received from personal injury claims when claiming for means-tested benefits or if support is needed from the local authority for long-term residential care.
What can you put in a trust?
When it comes to setting up a trust, there aren’t any limitations on what can be put into one. The most common types of assets in a trust include the following:
- Real estate property
- Residential property
- Personal property
- Financial assets
- Life insurance
What are the duties of trustees?
Trustees have a significant responsibility when it comes to handling a trust. Some of the duties include:
- Complying with the trust’s terms
- Acting impartially between the trust’s beneficiaries
- Providing information – this includes accounts
- Acting unanimously
- Distributing assets correctly
How does putting assets in a trust reduce the amount of inheritance tax?
When assets are put into a trust, the settlor will no longer own the asset. Instead, it will be the trustee’s property, and their role will be to manage the trust for the beneficiary. Therefore, this means when the settlor dies, it is unlikely that the assets will be subject to inheritance tax.
Our trusts advice fees
We understand cost can be of concern when it comes to pursuing legal advice and support. For this reason, we offer a range of fees that reflect the level of service required to suit your needs and circumstances, and in particular, where you may require ongoing support. Where matters are more straightforward, we can sometimes charge on a fixed fee basis, which provides certainty over the costs.
During our initial meeting, we will take the time to understand your needs and base our fees on this. We will provide you with a quote prior to carrying out the work so you can make a fully informed decision.
For more information concerning our service costs, please see our pricing page.
Contact our trusts solicitors in in Scunthorpe or Goole
If you need help with making a trust and would like to discuss the different options available with one of our expert trusts solicitors, please call us on 01724 281 616, email us at firstname.lastname@example.org or fill in our enquiry form.