We have expertise in setting up a variety of different trusts

These are legal arrangements that allow assets, such as property or money, to be looked after for the benefit of people or beneficiaries named in a person’s will. They are set up usually to protect your wealth from the taxman or local authorities who may want you to use your savings or sell your property to pay expensive care home fees. They can also be used to preserve your assets for your children until they become adults.

Children’s will trust:

A children’s will trust is usually created to look after assets on behalf of a child until they reach the age of 18. It allows a home or money to be properly managed until the child or children are old enough legally to take possession of it. Some types of trust also allow the child to receive an income from the property.

A Life Interest Trust:

A life interest trust allows for the surviving spouse or partner of the deceased to be financially taken care of, while at the same time allowing other family members to benefit should the survivor not require support after the death of their other half.

It allows trustees to advance capital as well as income to the survivor if required.

Because the capital assets are classed as a gift to the surviving spouse or partner, they are not subject to Inheritance Tax, and can be passed to other beneficiaries, such as children on the death of the survivor.

As the capital is not owned by the survivor it is also protected from local authorities should the survivor end their days in a care home and cannot be inherited by a new spouse should the survivor re-marry.

Property Will Trust:

A property will trust is designed to help protect joint owners of a home from having their property sold to pay for care home fees in the eventuality that they need specialist care in old age.

Once the first person passes away, their half share of the property passes into the trust. This gives them a lifetime right to live in the property and on their death the trust fund passes onto other relatives, usually children of the family.

Co-owners must be tenants in common and not joint tenants in order to set up this type of trust.

Unmarried Couples Will Trust:

Using a trust fund can significantly protect an unmarried couple’s estate from Inheritance Tax and ensure their children receive a larger proportion of their assets.

Unmarried couples are not eligible for Inheritance Tax breaks enjoyed by married couples, such as the ability to ‘gift’ assets to each other and combine their nil-rate inheritance tax band.

However, they can minimise their Inheritance Tax liability by using a trust to give their children the benefit of the nil-rate band that ordinarily belongs to the first partner to die.