0370 1500 100
Wills, Trusts & Estates

Trust Solicitors

Our trust solicitors can help you protect and manage your assets now and for the future.

Trusts are a way of managing wealth – money, investments, land or property – for you, your family, or anyone else who you’d like to benefit.

When you put assets in a trust, they are under the control of an appointed person or persons called ‘trustees’. The trustees then manage the trust according to your instructions, even after your death.

We can help you set up a trust to:

  • Safely pass on assets to the next generation
  • Fund education for your children and grandchildren
  • Provide for vulnerable loved ones
  • Provide for children and partners from different relationships
  • Manage personal injury compensation
  • Reduce inheritance tax payments
  • Protect assets from creditors or divorcing partners.

We understand that every person’s financial and family situation is totally unique. Our lawyers will work closely with you and provide a bespoke plan engineered to your individual needs and requirements.

We have unsurpassed experience with all aspects of trust law and taxation and can offer practical, tax-efficient advice on creating, administering, changing, and ending your trust.

You’ll benefit from the fully comprehensive legal knowledge of our specialists across the fields of Wills, estate planning and tax law. Whether you hold assets in the UK or across the world, we can help.

Call 0370 1500 100 or contact us online today to find out more.

Advise trustees on personal risks, duties and responsibilities
Experience in setting up, running and advising on trust matters
Offices in 15 locations across the country
Experts in trust tax planning

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More Information - Trusts
    • What Is A Trust?
    • A trust is a legal arrangement that manages money or assets for the benefit of specific people. When you set up a trust, you decide who will be in charge of the trust (the trustees) and who will benefit from it (the beneficiaries).

      Assets can still generate income once they have been placed in a trust. Properties can still charge rent, shares still collect dividends, and money can still generate interest. This income can either stay in the trust or be paid to beneficiaries.

      Assets may increase or decrease in value while in a trust – it is the trustees’ responsibility to manage this in the beneficiaries’ best interest.

      As such, trusts do sometimes have to pay tax. However, it can be more tax-efficient to put assets in a trust and receive income as a beneficiary than it is to receive the income directly.

    • What Are Settlors, Trustees and Beneficiaries?
    • The settlor is the person that establishes a trust by putting assets into it. This process is known as ‘settling’ the assets in the trust.

      The settlor also decides who the beneficiaries of the trust will be and can place conditions on how the assets should be managed.

      A trustee is a person or company that the settlor appoints to manage the trust and its assets. A settlor can appoint themselves to be a trustee and can also appoint successors to take over as trustee when they die.

      Trustees must follow any instructions left by the settlor and can only use the trust assets in the beneficiaries’ best interests. Trustees have more freedom to make decisions in a discretionary trust.

      A beneficiary is someone that the settlor chooses to benefit from the trust. They might receive an income from trust assets, inherit trust assets at a certain point in time, or be allowed to live in a trust property.

      Settlors can be a trustee and beneficiary of their own trusts, and other beneficiaries can be trustees too.

    • Who Can Be A Beneficiary?
    • You can choose anyone to be a beneficiary of a trust, such as:

      • A specific, named individual
      • A class of people, such as ‘my grandchildren and their descendants’
      • A charity or charities
      • Any other body of people, such as a company or sports club.

      By choosing a class of people to be beneficiaries, you can include people who haven’t been born yet. This means your trust can help your family for generations to come

      Beneficiaries can be trustees of the same trust they benefit from. It’s usually best to have at least one non-beneficiary trustee for discretionary trusts that give trustees a lot of freedom. This helps ensure that the trust is administered as the settlor intended.

    • How Do I Set Up A Trust?
    • To set up a trust, you need to include all the details about how the trust should be managed in a document called a declaration of trust. The document should state:

      • Who will be appointed as trustees
      • Who will benefit from the trust
      • Which assets will be put into the trust
      • How you want the assets to be managed
      • How you want benefits to be distributed

      Our specialist lawyers can advise on any of these decisions and help you choose the most effective arrangements to best serve your beneficiaries.

      While you can draft a declaration of trust yourself, trust law is complicated and the document must be very carefully worded to protect your assets as intended. With an expertly-written declaration of trust from our highly experienced team, you can ensure the outcomes you want.

      Call us today on 0370 1500 100 to find out more about how we can help.

    • What Can You Put In A Trust?
    • You can put any asset that you own into a trust, including:

      • Land and real estate property – including family homes, investment properties, or agricultural estates
      • Personal property – including art, jewellery, and other valuable heirlooms
      • Financial assets – including money, stocks, and shares
      • Life Insurance – you can instruct your life insurance policy to pay out to a trust

      You can put assets into a trust during your lifetime or state in your Will that it should happen when you die.

Irwin Mitchell are a very professional, trustworthy and straightforward company to deal with. I would recommend them to anyone."

Frank Clayton, client

Frequently Asked Questions

What Is A Lifetime Trust?

A lifetime trust is quite simply a trust that you establish during your lifetime. People are often trustees of their own lifetime trusts so they can keep control of the trust assets. In some circumstances you might want to be a beneficiary of your own trust.

There are a number of reasons why you might set up a lifetime trust, including:

  • Passing on assets to the next generation before you die
  • Providing a safe, steady income for vulnerable loved ones
  • Managing a personal injury settlement
  • Minimising inheritance tax and probate costs when you die
  • Protecting assets against the risk of debt and insolvency
  • Protecting assets from being used to pay for care home fees
  • Protecting assets from divorce or relationship breakdown.

While you can keep control of the trust for the rest of your life, you can also decide what should happen to the trust when you die. You can appoint people to succeed you as a trustee, assign new beneficiaries, and leave instructions for how the trust should be managed.

We have extensive experience with establishing lifetime trusts for a variety of reasons. Contact us online to find out how we can help you.

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What Is A Will Trust?

Will trusts – sometimes known as testamentary trusts – are trusts that you create as part of your Will to protect the assets you pass on when you die. Unlike lifetime trusts, Will trusts only come into effect after your death.

Setting up a Will trust can be better than passing on assets normally in a variety of situations. You might use a Will trust to:

  • Pass on assets to both a current partner and children from a previous relationship
  • Protect family assets if your partner remarries after you die
  • Provide for grandchildren in case their parents remarry
  • Protect assets for young or vulnerable beneficiaries
  • Prevent beneficiaries from losing state benefit entitlements
  • Minimise inheritance tax
  • Maintain assets for multiple generations.

Our team includes solicitors specialising in both Wills and trusts, as well as inheritance tax and wealth structuring experts. We can help you set up a Will trust that will provide the very best protection for your assets, whatever your requirements.

Call us today on 0370 1500 100 to learn more.

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