Trust and asset protection
You might set up a trust to support someone who can’t manage their money at this moment in time or to make sure that your own money is used to look after you if you can’t look after yourself at some point in the future.
Such action makes good sense for protecting wealth earned through a lifetime, and we provide an easy to understand and personal service to help you plan and safeguard your financial security.
Trusts are also useful for the following reasons:
- Trusts enable you to reduce the amount of tax your beneficiaries pay by taking assets out of your estate.
- They allow you to have an element of control and protect your wealth. For instance, if you were concerned about what would happen to your beneficiary should they go through something like bankruptcy, a gift into a trust is a way of protecting your assets.
- They bypass probate, meaning that you can pass on your estate to those close to you without going through this time-consuming process.
- A trust can be especially useful if you are worried about how your children will manage financially after you pass away.
What are the different types of Trusts?
There are numerous types of trusts and our trust solicitors can help you decide which one is best for you. The main types of trusts are:
- Bare trusts (also called simple or absolute trusts)
- Interest in possession trusts
- Settlor-interested trusts
- Mixed/hybrid trusts
- Non-resident trusts
- Discretionary trusts
A bare, simple or absolute trust is the most basic trust. They are typically, but not always, used to transfer assets to young people with the trustees in the agreement looking after the money until the beneficiary is old enough.
The trustees normally have no say as to what the beneficiaries receive with a bare trust and once named, the beneficiary cannot be changed.
Contact our trust solicitors today if you require more information about a certain trust or if you want to find out which kind of trust would best suit your needs.
How do I set up a Trust?
In order to set up a trust, firstly you have to create a trust agreement. This is a legal document that outlines how assets will be distributed to the beneficiaries. It is at this stage of the process where you decide who to name as beneficiaries and how much you want to delegate to them, as well as who you want to name as your trustee.
The trust agreement is not worth anything until the trust is funded, which is the next step of the process. This varies depending on the nature of the property, as stocks can be added to the trust as well as items with a title document (these typically include vehicles but are not just limited to them). In order to transfer real estate to the trust, you will need to execute a deed that transfers the property title to the trust.
For assets that do not have a title document (from any household items with monetary value to sentimental items) you simply need to write down that you want to transfer them to the trust.
It is vitally important that an experienced trust solicitor assists you with creating a trust. Our team will help you with the precise language needed for a trust agreement and advise you on the responsibilities of trustees.
Why Choose Keoghs?
If you are thinking about setting up a trust or appointing guardians, then we are the trusted name for this kind of legal work in the region.
After all, this department is lead by Michael Sandler, our Senior Partner, who few lawyers in the country can equal when it comes to such matters, which makes him one of the region’s most respected experts.
Way back in the 1970s Michael’s career started in this area of law. Through over 40 years of changes of legislation, his knowledge has expanded and he has helped all our legal team learn from these many years of experience.
Whichever office you choose, be it Altrincham, Stockport or Macclesfield, our experienced team of Michael Sandler, Victoria Kaufman, and Karen Leach will provide reliable advice, support and will work in your and your family’s best interests. Please contact our team at Keoghs, Nicholls, Lindsell and Harris LLP today on 0161 928 9321 and one of our friendly experts will be happy to help.
We provide a bespoke high quality professional service. It is therefore important that we see our clients in person both at the start of the case and from time to time thereafter. Due to logistical and time constraints for both clients and ourselves, as a general rule most of our clients are based in the North West including Cumbria and the Peak District, North Wales, South and West Yorkshire and Staffordshire.