What is a Family Trust?
Trusts are an excellent way of looking after your assets including your money, property, land or buildings and investments. Commonly families who wish to ensure assets like these are protected and are not liable for more tax than they have to pay will call the trust a family trust or settlement. Often this type of trust is set up as what is known as discretionary trust.
Essentially any type of trust is a legal document whereby one or more Trustees are made legally responsible for holding the assets. The Trustees will need to comply with the terms and powers confirmed by the trust deed. The assets are effectively held safe (placed in Trust) for the chosen beneficiaries.
The person(s) who create the Trust are known as the settlor, and it is their wishes that are set out in the trust deed.
5 Key Reasons to set up a Trust
To ensure better control and protection over family assets.
To retain control over assets if the beneficiaries are minors
To protect beneficiaries who lack capacity
To save inheritance tax.
To pass money or property over to chosen person(s) when you die – known as a will Trust
Due to the variations of family trusts available it is advisable to seek the advice of a specialist trust advisor who can advise you regarding your specific circumstances including any tax implications.
How can we help you?
Our trust and estate planning division has over 25 years’ experience in the administration and management of trusts to suit your individual circumstances, including any tax implications that may arise.
We offer legal advice covering the different types of trust including family Trusts, Trusts for children and Property and Charitable trusts.
Our ongoing membership to the Society of Trusts and Estate Planning (STEP) highlights our ability to provide an up to date and professional legal service.
We offer a personal approach focusing on what is important to you, whether it is to provide for your children or to protect your family home, land and other property.
We offer a Free No Obligation Consultation at either our Bournemouth or Christchurch office, or if it is easier for you we can visit you at home.
Contact us on 01202 802807 to arrange your free review
Paul Solomons – Head of Wills, Trusts and Estate Planning Legal Services Paul is the firm’s managing partner and has extensive experience in relation to Wills, Trusts and Estate Planning services. Contact us on 01202 802 807 to book a free consultation at our Bournemouth or Christchurch office to discuss with a Private Client Service specialist the process and outcome of your matter.