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Do I Need A Trust?

Do I Need A Trust?

A trust can be a great way of managing and protecting your assets during your lifetime and beyond. You can also use it to reduce the amount of inheritance tax payable on your death.

Experts in trusts

There are numerous reasons why people set up trusts, but these are some of the most common:

  • To make provision for family and love ones - now and in the future
  • To assist in tax planning, especially in reducing inheritance tax payable
  • To make a gift to a loved one, with conditions (for example, you can set guidelines on how your trustees should administer the trust, and the circumstances under which beneficiaries can access their share)
  • To protect assets that they wish a beneficiary to have full and free access to

Irwin Mitchell can advise you on whether a trust is appropriate for your circumstances, and what it can achieve.

Following initial advice we can:

  • Prepare necessary trust documentation
  • Submit appropriate notifications to HM Revenue and Customs
  • Liaise with lay trustees on the opening of trust bank accounts and placing of investments

Our highly experienced specialists have many years of experience of trusts.  The entire team is professionally qualified as Chartered Tax Advisers, Taxation Technicians or as members of the Society of Trust and Estate Practitioners. 

We have a thorough understanding of what banks and other financial organisations require in dealing with trust accounts and investments. We can assist you in getting the trust established, and help you understand your responsibilities as a trustee.