Trusts can be set up during your lifetime, or as part of your will. They can benefit your loved ones or help to minimise your tax liabilities.
You might wish to set up a trust for many reasons, including:
- Giving money to children who are too young to look after it themselves, such as grandparents wishing to fund a grandchild’s education
- Controlling a gift – to give money to somebody, but continuing to make decisions about how that money is used and invested
- Illness or disability – so someone else can look after your property for you, or your intended beneficiary, because you or they are unable to do so or are likely to be unable in the future
- Life insurance – so that the proceeds of a life insurance policy do not form part of your estate for inheritance tax purposes
- Personal injury compensation – to keep compensation separate, so it does not affect certain state benefits
- Residential care – to preserve wealth against the potential of needing long term care, such as protecting against the possibility of having to sell your home to pay for care
- Safeguarding inheritance – to ensure any inheritance you wish to leave your family is protected if your partner remarries after your death
- Tax – to reduce exposure to certain taxes.
Our experienced, specialist lawyers always explain the details of complex legal structures, like trusts, in plain language so you can make an informed decision on arrangements that are in the best interests of you and your family, both now and for the long term. That includes defining how and when beneficiaries will receive access to assets.
If necessary, partners within Longmores can also act as trustees for any trust you set up, and provide ongoing trust administration services.
We set up trusts for a wide variety of clients, covering all kinds of assets, such as property, investments or cash. We advise on the tax benefits and implications of setting up a trust. Partners at Longmores can act as trustees to ensure your assets are shared with beneficiaries in accordance with your wishes and provide ongoing trust administration services such as preparing annual accounts, tax returns and making payments to beneficiaries.