A Trust can offer a layer of protection for the assets held within it. For example, if a beneficiary were to go through a divorce or face bankruptcy, assets in a Trust may be shielded from being claimed by a former spouse or a trustee in bankruptcy.

A Trust can be created in your Will to commence upon your death, or it can be established during your lifetime and become effective immediately. You can also leave additional funds to the trust in your Will, and we can discuss the various options available to you.

While money and property are the most common assets placed in a Trust, you can include virtually anything. Trustees distribute items from the Trust to beneficiaries, which may include a child with a learning disability, based on the terms of the Trust and any guidance provided in a letter of wishes.

Trusts are subject to their own tax regulations. They can also serve as effective tools for tax planning. Transferring assets to a Trust during your lifetime may reduce inheritance tax upon your death by decreasing the value of your chargeable estate. Additionally, placing assets in a Trust for a beneficiary with lower income and gains can result in reduced income and capital gains tax rates.

A Trust involves a legal arrangement where a Settlor (the person creating the Trust) transfers assets to Trustees (those responsible for managing the Trust) for the benefit of specified beneficiaries. The Trustees hold and manage the assets based on the terms and instructions outlined in the Trust deed.

In a Trust, there are typically three key roles:

Settlor: The person who establishes the Trust by transferring assets into it.

Trustees: Individuals or entities responsible for managing and administering the Trust assets.

Beneficiaries: Those who benefit from the Trust assets as outlined in the Trust deed.

Yes, it's common for Settlors to also be Trustees of their own Trusts. However, it's important to understand your responsibilities as a Trustee, including fiduciary duties to act in the best interests of the beneficiaries.

Trusts can protect assets by legally separating them from personal ownership. This separation can help safeguard assets from various risks, including creditors, legal claims, and certain tax liabilities.

While it's possible to create a simple Trust independently, complex Trusts or those involving significant assets often require legal expertise to ensure they meet legal requirements and financial objectives.

A Trust operates during your lifetime and after your death, managing and distributing assets according to your wishes. In contrast, a Will takes effect only after your death and goes through probate.