A trust is a legal arrangement whereby assets are held and managed by one entity for the benefit of another. Almost any asset can be held in trust, including money, shares, land, property, jewellery, artwork and life insurance. Trusts can be established at any time during your life or created within your will. They can be specified to take effect in certain stipulated circumstances; if you become incapacitated by illness, for example. There are many different types of trust, and each type is subject to strict legal criteria and tax regimes. Our Great Yarmouth and Norwich trust solicitors are experts in trust law. They have years of experience in creating, amending, administering and ending trusts as well as advising on all aspects of trust law and procedure. Their clear, straightforward advice will simplify the complex legal landscape of trusts and allow you to fully understand how a trust might be used to protect and administer your assets both during your lifetime and after your death.
Why Would Someone Use A Trust?
By setting up a trust you can ensure that specific assets are used only for the benefit of named beneficiaries. Examples of those who may be a beneficiary under a trust include individuals, companies, charitable causes and pets. You can choose anyone over the age of 18 (with limited exceptions) to take on the role of ‘trustee’ and administer the trust.
Since the purpose of a trust is to benefit another, you will have no access to the asset held in trust but can specify the precise circumstances in which the asset is to be distributed and place conditions on its use by beneficiaries.
A trust offers many unique advantages that are useful in a wide range of situations. Examples of when trusts are commonly used include –
- To minimise the impact of inheritance tax on your estate;
- To pass on a property when you die whilst retaining control over who can live there. This form of trust is often used by those who wish to leave their home to their children but have a new partner who resides there. A trust can be set up to allow the new partner to continue living in the property during their lifetime but state that it is to ultimately be inherited by your children;
- To manage the financial affairs of a person who is unable to do so themselves;
- To provide for children under the age of 18 who are not able to legally inherit;
- To protect assets from potential creditors;
- To fund your children’s education;
- To delay the passing of an asset to the beneficiary. If, for example, you are concerned that a beneficiary is too young or immature to receive an asset immediately, a trust can be set up to provide for it to be passed to them at a later date or when specific conditions are met.
- To meet the care costs of a dependent or loved one;
- To safeguard your assets in the event of divorce.
What Should I Consider When Looking For Trust Solicitors Near Me?
The legal landscape of trust law is complex. It encompasses not only trusts but many other legal practice areas including wills and probate, property and tax. There are many different types of trusts, all of which are subject to strict legal criteria. If a trust fails to meet the requirements, it may be invalid. Some trusts have tax implications that must be carefully considered before a trust is created. When searching for ‘trust solicitors near me’, it is, therefore, crucial to ensure that your chosen advisor has the level of expertise and experience necessary to ensure the arrangements put in place meet the legal criteria and accurately reflect your wishes. Praised by clients for their ‘exceptional’ and ‘first-class’ advice, our trust solicitors have vast experience in advising clients from Norwich, Norfolk, Great Yarmouth and further afield in all of the practice areas relevant to trust law. Their multi-disciplinary skills enable them to fully consider and advise on the most appropriate type of trust to meet your needs as well as all legal requirements and tax implications.
How Much Do Trust Fund Solicitors Near Me Cost?
The costs of dealing with a trust depend on the nature and complexity of the issues and the time required to address them effectively. Our billing methods are entirely transparent, and our trust solicitors will give ongoing cost estimates, updates and breakdowns to ensure you are fully aware of fees at all stages of the process. Any queries you may have regarding costs will be swiftly and comprehensively addressed.