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Setting up a will trust can make sure your loved ones are provided for in the future and protect your estate from unnecessary inheritance tax.
Find out more below or contact the team directly to find out more. Call on 0370 1500 100 or use our online form and we’ll call you back.
A will trust is an arrangement which comes into effect on your death, granting the named trustees control over assets on behalf of others (called the ‘beneficiaries’).
You might specify what the trust provides each beneficiary, or let the trustees have discretion over how and when they distribute funds. If this is the case you would lay out guidelines in a letter of wishes.
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Anyone can be a beneficiary. They might be:
It’s possible for people who haven’t yet been born to be beneficiaries – this allows you to plan for future grandchildren and other descendants.
Yes – but it’s usually best practice to have at least one non-beneficiary trustee, especially if significant discretions are given to trustees in the terms of the trust.
Will trusts can be tailored to meet the particular needs of you and your estate. Some uses might include:
We’ll be able to advise on the best way to set up a trust to benefit those you want to pass on your wealth to.
Will trusts can be very valuable to effective estate planning. They can help you:
They can also help you take advantage of inheritance tax relief due to your partner if they survive you. By planning ahead with a will trust, you can:
We’ll be able to advise you on how a will trust can benefit your estate.
There are a number of different types of trusts, each having different benefits and being suited to different situations. Which trust type is right for you depends on:
We work with you to understand your goals in estate planning and offer advice that’s tailored to you and your family. No two estates are the same, and this is true of trusts as well.
This is a complex area but there are several main areas of tax to be aware of when setting up a trust:
The tax rules governing will trusts are very complicated, and for this reason it’s essential to have the experts on your side. We can advise you on the best structure for your trust to make sure it’s as tax-efficient as possible.
You can write a will trust into your Will, to take effect after you die. There’s is usually a gap between the date of death and when the trust starts up – this is called the ‘period of administration.
Usually this will be a matter of months, although if the estate is particularly complicated and administration takes a long time, it could be years.
We have unsurpassed experience in creating and administrating trusts. The services we offer include:
We offer a comprehensive service, whatever the purpose or type of your trust.
We have a dedicated trust administration team who have considerable experience both setting up and managing trusts. As well as solicitors who are experts in all aspects of estate planning, we also have tax specialists and financial advisers, meaning we have everything you need in-house.
We hold membership to many professional bodies in this area, such as STEP (Society of Trust and Estate Practitioners), CIOT (Chartered Institute of Taxation), and CILEX (Chartered Institute of Legal Executives). We work with these bodies to help shape the law in this fast-moving area.
We have considerable experience in complex estates and frequently work with international and high net worth clients. Whatever your needs, we have the expertise to help you plan effectively.
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