Trusts are a powerful estate planning tool which may provide a greater level of protection, passing your assets on in a way that is most appropriate to your beneficiaries.
In light of the recent changes to the Trusts Act 2019 that came into force on 30 January 2021, no trust should be set up without proper advice or an assessment of the impact of the trust on your overall position.
As specialist trustees we will look at your personal circumstances, your legal obligations, any dependants, your assets and liabilities, and your future intentions with regard to your lifestyle and who may inherit your assets.
It is important that the trust is flexible, and yet has rules in place to ensure legality. A properly established trust cannot be contested in the same way as a bequest under a Will, a trust gives the settlor greater certainty that his/her wishes will be acknowledged.
We offer comprehensive advice and a number of trust structures to cater for a wide range of circumstances. Some reasons you may consider establishing a trust include:
- Protecting assets to provide for a partner or spouse whilst preserving an inheritance for your children.
- The managed distribution of a farm or business to the next generation.
- Providing for vulnerable loved ones who may not be able to manage their own affairs.
- Providing for specific purposes such as the education of your children or grandchildren.
- Advancing charitable purposes.