Trusts

Our specialist trusts solicitors deal with all aspects of trust creation, management, and closure to help you protect and control your assets currently and for the future.

What is a trust?

Trusts are a useful way of protecting assets and ensuring they pass to your chosen beneficiaries in the way that you want. As well as providing for your loved ones, trusts can also offer tax benefits. However, the law surrounding trusts can be complex and advice and guidance from expert trusts solicitors is always recommended.

Our team members have many years of experience in setting up all types of trusts for clients, from ensuring assets are not inadvertently passed out of the family to making sure that children and vulnerable adults have the provision they need for the future. We provide straightforward advice in plain English. We will ensure you have all of the information you need to make an informed decision, including the tax implications of setting up a trust.

Making the right legal choices will not only protect your assets and give your loved ones the support you want them to have, but it can also help prevent misunderstandings or disputes from arising in the future, particularly if trustees have clear guidance setting out how they are expected to act.

How we can help

Our team of solicitors can work with you to establish the right type of trust for your situation, considering how you want your assets to be used in the future and the circumstances of the trust beneficiaries.

Our services include advice on:

• Lifetime trusts
• Will trusts
• Discretionary trusts
• Trusts disputes
• Compensation protection trusts

Lifetime trusts (What is a lifetime trust?)

A lifetime trust lets you put assets into a trust for beneficiaries during your lifetime. While trusts are often set up in Wills, setting up a lifetime trust means you can see the beneficiaries enjoy the provision you have made for them while protecting the assets from third-party claims, such as bankruptcy proceedings or divorce.

There is also the option to benefit from the assets yourself, for example, if you transfer your family home into the trust but continue to live there.

Will trusts (What is a Will trust?)

Trusts are commonly used in Wills to give beneficiaries the advantages of assets without outright ownership. This can prevent assets from being lost in bankruptcy or divorce proceedings or ensure that they are properly managed on behalf of a child or someone who is unable to manage their own affairs.

Will trusts are also useful to give a spouse or partner a life interest in your home. If you were to leave them the property outright, there is a risk that they could leave it to someone you would not want to have it, such as a new spouse or their children from a previous relationship. They could also lose the asset in a poor investment or in care home fees.

By leaving them a life interest, they can live there as long as they need to, but your share in the property would ultimately pass to your choice of beneficiary.

We also have a factsheet with further information relating to property life interest trusts.

Discretionary trusts (What is a discretionary trust?)

A discretionary trust gives trustees the discretion to distribute funds as they see fit. They can be given guidance setting out how you would like them to help the beneficiaries.

A discretionary trust is particularly suitable for helping children, adults with a disability or mental incapacity and individuals who might spend money unwisely if it was left directly to them.

Disabled person’s trusts and compensation protection trusts

A trust can be set up to provide for a disabled person. By putting money inside of a discretionary trust, any means-tested benefits they receive should not be affected. The trustees will be able to make payments to the beneficiary as necessary to ensure that their needs are met.

Similarly, if someone receives a compensation payment, this can be placed into a compensation trust or personal injury trust. As well as protecting the capital by placing it into the hands of trustees, means-tested benefits can again be protected.

These types of trust can ensure that third parties such as a spouse cannot access the funds, that the funds are competently managed and that they will not be unwisely spent by the person benefitting from the money.

Why choose Geoffrey Leaver Solicitors?

We have the expertise to ensure that you have the right trust in place for your needs. Our team of solicitors will work with you to identify how you want to help your beneficiaries and set up a trust that gives you the flexibility and protection you need. We will also provide comprehensive advice on related issues including tax, Wills and guidance for trustees.

If you would like to talk to one of our experts call Dagmara Kulczykowska on 01908 689341, email dkulczykowska@geoffreyleaver.com. or contact us.

Related content

• Will drafting
• Inheritance tax planning

We offer a factsheet relating to the Trusts Registration Service.

We also have a factsheet with further information relating to property life interest trusts.

What our clients say:

“Many thanks for all your work on my Father’s Will and Probate”. Leslie Anne Bonner, Milton Keynes

For more information about how we can help, you can read testimonials from our private client services clients