Do you need a team of Trust specialists to give you peace of mind?
A Trust is a legal entity and agreement which is mainly used as a means of asset protection or saving money for tax purposes. It can be within 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 a Will, 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. Trusts often involve very complex legal and tax knowledge and any contradictory instructions will cause confusion. As well as reviewing your Will every couple of years in case of changes in personal circumstances, we recommend that in considering a Trust, your Will is reviewed at the same time as well.
Our specialist team of solicitors use their expertise to ensure your personal finance 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. We are well respected across London and the South-East 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. We are experts in this field and have practitioners who are members of The Society of Trust and Estate Practitioners (STEP).
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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.
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.
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.
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
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.
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).
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.
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.
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