EXPERT SOLICITORS SPECIALISING IN TRUSTS

Do you need a team of Trust specialists to give you peace of mind?

Trusts often involve very complex legal and tax knowledge and any contradictory instructions will cause confusion

The BTMK specialists are well respected for providing expert advice for Trusts and Wills, Estate Planning and Asset Protection, so you can rest assured knowing that your personal finance and affairs will be in excellent hands.
Our solicitors use their expertise to ensure your personal finances and home ownership is safeguarded for you and your family. We can help you choose what type of Trust you may need and advise the Trustees, the people that look after the Trust, or the beneficiaries, the people who benefit from the Trust. As well as reviewing your Will every couple of years to reflect changes in personal circumstances, we recommend reviewing your Will when you create a Trust.

We are experts in this field and have practitioners who are members of The Society of Trust and Estate Practitioners (STEP).

WHAT IS A TRUST?

Trusts are a versatile and widely used legal mechanism for managing and protecting assets. They are vital in estate planning, wealth preservation and financial security.

A Trust can be created as part of a Will or set up completely separately. It also can be used to regulate the way two or more people own a specific piece of real estate, to safeguard children or grandchildren in the provisions of a Will, or to manage assets for someone disabled or who lacks mental capacity or if a beneficiary is under 18 and legally too young to manage their own affairs.

One party (the settlor) transfers assets to another party (the trustee) for the benefit of a third party (the beneficiary). Trusts are established to hold and manage assets, such as money, property, investments, or even personal belongings, with the primary purpose of safeguarding these assets and ensuring their intended use for the beneficiaries.

COMMON TYPES OF TRUST IN THE UK

Bare Trust (Simple Trust):

Discretionary Trust:

Life Interest Trust:

Charitable Trust:

Family Trust (or Family Settlement):

Protective Trust:

Revocable (or Living) Trust:

Fixed Interest Trust:

Mixed Trust:

Interest in Possession Trust:

Non-resident Trust:

Trusts are a powerful tool and provide a range of benefits from asset protection to efficient estate planning. However, establishing a trust is a complex legal process that requires careful consideration of your goals, beneficiaries and has potential tax implications. 

Every situation is unique and so setting up Trusts and Estate Planning requires highly specialised legal knowledge and experience. 

At BTMK, our team of solicitors are experienced specialists and includes practitioners who are members of The Society of Trust and Estate Practitioners (STEP).

That means when you choose us you are getting experts in this highly complex field, who guide you through the entire process.

We can help you choose the right Trust for you and advise all trustees and beneficiaries during the process. You can move forward with the confidence that your personal finance and affairs are expertly covered.

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FAQs

What are a Trustee's duties?

A Trustee is responsible for managing a Trust as well as being a legal owner of the assets in the Trust. It is their responsibility to put the interests of the beneficiaries above their own at all times. There are multiple duties which can be overwhelming as well as taking up a lot of time, especially if complications arise. Therefore, if you are a trustee, it is a good idea to get proper legal advice.

Can I leave a property to someone just for their lifetime?

Yes, this is straightforward. You can provide for two or more people to have a benefit of interest in succession. For example, if a property is held in trust you can leave it to someone just for their lifetime and also choose who receives it after they pass away. There are Inheritance Tax implications in doing this however, so you must take proper legal advice first.

Why should you include life insurance in a Trust?

By including a life insurance policy in a Trust keeps it separate from the valuation of your estate after you pass away. Your estate is made up of your property, your bank account(s) and possessions. Ringfencing your life insurance policy means that you could protect the assets in the Trust from Inheritance Tax.

Is there a way of reducing Inheritance Tax?

There are several different ways in which you can reduce and/or mitigate Inheritance Tax, including gifting to family members, friends, charities and by using Trusts. However, we recommend that you speak with a solicitor with specialist knowledge of Inheritance Tax to ensure that you fully understand the pros and cons of each option. BTMK’s team of specialists can provide you with comprehensive advice about reducing your Inheritance Tax bill

Are there different types of Trusts?

Yes, there are a few different types of Trusts that you can set up depending on how you want to manage your assets. These include a Bare Trust, Interest in Possession Trust, Discretionary Trust, Mixed Trust, Non-Resident Trust, a Trust for a vulnerable person and Charitable Trust. If you are unsure what Trust is most suitable to your circumstances, then we recommend seeking legal advice when putting together a financial plan of this type.

What is a Revocable Trust?

Everything you state in a Revocable Trust can be changed at any time. It is a legal entity that you can amend as your life changes and as you get older. However, an irrevocable trust is a type of Trust that cannot be altered without the permission of your named beneficiary(ies).

How are Trusts taxed?

The taxation of Trusts can be a very complex area and often fall within “the Relevant Property regime”, which can include exit charges and Inheritance Tax payable at a lifetime rate of 20% every 10 years. Specialist advice is essential when dealing with a Trust tax return.

How long can a Trust last?

Generally speaking up to 125 years, but many Trusts have a defined Trust period and come to an automatic end when a certain event occurs, i.e. someone marries, dies or they attain a certain age, 25 for instance. Charitable Trusts however can run in perpetuity.

What our clients say

I would like to mention Jessica Dawkins for her helpful advice, her kindness, and her patience in her dealing with me. Thank you.

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Saul Caplan

Wills, Inheritance, Trusts and Probate | BTMK Goodson

Jessica Dawkins

Wills, Inheritance, Trusts and Probate | BTMK Goodson

Laura Dwyer

Wills, Inheritance, Trusts and Probate | BTMK Todmans

Saheb Choudhury

Wills, Inheritance, Trusts and Probate | BTMK Goodson

Nabiha Umer

Private Client | BTMK Todmans

Sophie Bacon

Private Client | BTMK Todmans

Paula Dallison

Private Client | BTMK Todmans

Susan Foxen

Wills, Inheritance, Trusts & Probate | BTMK Goodson

Mark Goodson

Wills, Inheritance, Trusts and Probate | BTMK Goodson

Megan McKinlay

Wills, Inheritance, Trusts and Probate | BTMK Goodson

Kavita Ryatt

Wills, Inheritance, Trusts and Probate | BTMK Goodson

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