A trust can be set up in your lifetime or in your Will. A trust is created when a person (“the settlor”) gives assets to other people (“the trustees”) to hold, not for their own benefit, but for the benefit of others (“the beneficiaries”).
What are the benefits of placing assets into a Trust?
- minimising tax, either during your lifetime or as part of your Will planning
- a vehicle to pass property over to family members at a certain age or to provide additional protection to a vulnerable beneficiary
- protecting funds to be used for a specific purpose such as grandchildren’s education or assistance with a deposit for the purchase of a property
- safeguarding money obtained during an injury claim and helping to ensure that state benefits are not lost.
Why use Ashtons Legal to create or administer your Trust?
- we have specialist trust lawyers and trust administrators who can assist with establishing your trust
- our dedicated and expert team can produce the annual trust accounts and deal with the trust’s tax compliance requirements, removing the burden from the trustees and avoiding HMRC penalties
- we are clear and up front on the costs involved and will offer you options that best suit the trust
- we are friendly and approachable and happy to fully administer your trust or to provide advice as you require it during the life of your trust.