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What Is A Trust?
Why Would you Set Up A Trust?
How Our Trust Solicitors Can Help
Why Choose Irwin Mitchell As A Trustee?

What Is A Trust?

A trust is an arrangement where property or other assets are held by one or more people for the benefit of another. You can create a trust for your own benefit or for the benefit of someone else.

  • Trustee – the person (or company) who looks after the trust. In most cases more than one trustee would be responsible for the trust
  • Beneficiary(ies) – the person or persons who can benefit from the trust

Trusts can be set up during your lifetime or you can leave instructions to create a trust in your Will. Although a trust can simply be an agreement between two people, it is much better to have a legal document in place (a Trust Deed) so that it is very clear what is intended.

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Why Would You Set Up A Trust?

People set up trusts for many reasons, including:

  • Children - to give money to children who are too young to look after it (grandparents wishing to fund a grandchild’s education for instance)
  • 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 because you are unable to or are likely to be unable to later
  • Personal Injury Compensation - to keep compensation separate, so it does not affect certain state benefits
  • Tax - to reduce exposure to certain taxes
  • Residential Care - to preserve wealth against the potential of needing long term care ( for example, to protect against the possibility of having to sell your home to pay for care)
  • Life Insurance - so that the proceeds of a life insurance policy do not form part of your estate for Inheritance Tax purposes
  • Safeguarding Inheritance - to ensure any inheritance you wish to leave your family is protected if your spouse remarries after your death

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How Our Trust Solicitors Can Help

We are an experienced, dedicated team who specialise in handling all kinds of trusts and related tax issues. Whether you are a trustee who wants some support and advice, or you are looking to set up a trust and appoint a professional trustee, we have the knowledge and experience to provide you with the best possible service.

We can help with the following:

Setting up a Trust

  • Preparing the paperwork to set up a new trust
  • Advising on the tax and practical implications
  • Sending the necessary tax information to HMRC
  • Advice on appointing trustees

For Trustees

  • Advice on duties and responsibilities
  • Preparing annual trust accounts and tax returns
  • Investment advice, support and management
  • Advice on running a trust tax efficiently
  • Advice on when to give income and property to beneficiaries

As a Trustee

  • We can act as a trustee of your trust
  • Managing the trust’s money and property
  • Giving the right income and property to the beneficiaries of the trust at the right time
  • Keeping beneficiaries informed
  • Ensuring tax paid is correct and settled on time

Our specialists have many years of experience of trusts. Everyone in our team is professionally qualified, either as Chartered Tax Advisers, Taxation Technicians, Trust Solicitors or as members of the Society of Trust and Estate Practitioners.

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Why Choose Irwin Mitchell As A Trustee?

Trusts are managed by trustees, who have to make sure that the property or money in the trust is looked after and that it is only given to a beneficiary when it should be.

Trustees must act carefully and within the law to ensure that the trust they are responsible for is dealt with properly for the benefit of the beneficiaries.

Although many people prefer to have a relative or friend as a trustee, it can sometimes be of benefit to appoint an independent party to help administer a trust.

  • Independence – we take an impartial view which is important if you feel there is likely to be family conflict
  • Expertise – we are familiar with trust law, making investments and have the experience to make appropriate decisions at the correct time
  • Cost Efficient – appointing us as a trustee can prevent the need for ad hoc advice on the management of the trust. We can work to a set cost, so you know exactly what you’re paying
  • Tax – we can ensure the trust is run in the most tax efficient manner and take care of all the accounts and tax return paperwork
  • Longevity – if an individual is appointed as a trustee, problems can arise due to death or incapacity – as Irwin Mitchell is a company, this is not an issue

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Call Us Today For An Initial Discussion With No Obligation

Whether you’re a trustee needing advice or you’re thinking of setting up a trust, we can help you. Call 0370 1500 100 or send us an online enquiry for an initial discussion with no pressure and no obligation.

For general enquiries

0370 1500 100

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