Trust Administration Services
Our Trust administration solicitors can help you with your duties as a trustee or help you look after your trust correctly.
Trusts
Our trust solicitors can help you protect and manage your assets now and for the future.
Finding the right advice
See how our trust solicitors can help protect and manage your assets.What is a trust?
A trust is a legal arrangement that manages money or assets for the benefit of specific people. When you set up a trust, you decide who will oversee the trust (the trustees) and who will benefit from it (the beneficiaries).
Assets can still generate income once they have been placed in a trust. Properties can still charge rent, shares still collect dividends, and money can still generate interest. This income can either stay in the trust or be paid to beneficiaries. Assets may increase or decrease in value while in a trust – it is the trustees’ responsibility to manage this in the beneficiaries’ best interest.
Trusts do sometimes have to pay tax. However, it can be more tax-efficient to put assets in a trust and receive income as a beneficiary than it is to receive the income directly.
What are the benefits of a trust?
Trusts provide an extra layer of certainty in a variety of circumstances, especially where significant wealth is involved. They can help you:
- Provide for vulnerable loved ones
- Reduce inheritance tax payments
- Manage personal injury compensation
- Safely pass on assets to the next generation
- Protect assets from creditors or divorcing partners
- Fund education for your children and/or grandchildren
- Provide for children and partners from different relationships.
What’s the process of setting up a trust?
To set up a trust, you need to create a ‘declaration of trust’ that states:
- Who will benefit from the trust
- Who will be appointed as trustees
- Which assets will be put into the trust
- How you want the assets to be managed
- How you want benefits to be distributed.
You can do this by yourself, but trust law is complicated. Your declaration must be very carefully written to protect your assets as you intend, and prevent people making claims based on unclear wording.
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