Need to know the differences between Joint Wills, Mutual Wills and Mirror Wills? In this article our Wills, Trusts + Probate team explain more…
Trusts & Estate Planning
Our specialist trust and estate planning solicitors have many years experience in establishing and administering trusts which protect your assets and help you plan for the future.
What is a Trust?
In simple terms, a trust is one or more people (the ‘trustee(s)’) holding and administering assets on behalf of another person (the ‘beneficiary’). The assets normally held in trust include property, shares or money.
A legal document, known as a trust deed, is created to place the assets under the control of the trustees. The trustees are responsible for administering the assets under trust in the best interests of the beneficiary, or beneficiaries, named in the trust document. Trusts can be set up during your lifetime or in your Will.
Using Trusts in inheritance planning
We can work with you to determine how the assets will be managed and how to mitigate or avoid inheritance tax, income tax and capital gains tax.
There are many types of trust, including family trusts, discretionary trusts and charitable trusts. We can talk to you about your options and the potential tax implications of each.
We can also advise trust beneficiaries of their rights.
If you need to write or update your Will, create a trust or you want professional advice about dealing with the affairs of someone who has died, you can speak to our Will, trust and probate solicitors.