Research indicates that people who set up Trusts generally do so out of a greater concern to retain some control over their assets and to preserve assets for future generations rather than purely to save tax.
As part of an overall consideration of an individual’s affairs, it is necessary not only to consider the setting up of Trusts in a Will but also the setting up of Trusts and other arrangements whilst a person is alive.
A Trust can be used to:-
- Protect a family business or home.
- To delay a child’s inheritance until they reach a certain age, protecting them from their own immaturity on unhealthy outside influences.
- Control and administer family welfare over a period of time.
- Make long term provision for people unable to manage their own affairs.
- Make provision for second families.
- Mitigate or plan against capital gains tax or inheritance tax.
Our expert lawyers can assist on all aspects of Trusts and can advise on all matters such as:-
- The creations, variation and termination of Trusts.
- The taxation issues surrounding Trusts.
- The appointment, retirement or removal of Trustees.
- Advising Trustees generally on their responsibilities and duties.
- Trust accounting.
- Managing a Trust.