Trusts
A trust is a legal arrangement where one
or more persons, called trustees, look after and deal with assets
(the trust property) for the benefit of the trust
beneficiaries.
What is a trust?
Trusts can be useful for a variety
of purposes, especially when minimising your future tax
liabilities.
Trusts are often used as a means of
protecting family wealth, holding property for a number of
individuals, preserving assets for future generations and managing
assets for those who cannot do so themselves either due to age or
mental incapacity.
The trust deed, which might be
incorporated in a will, establishes the obligations of the trustees
and how they are to exercise those obligations on behalf of the
beneficiaries.
It is essential to have trusts
drawn up properly as they establish control over assets for a long
time, possibly decades. Also it is important to build in
flexibility to allow for changing circumstances in the future and
to choose trustees who understand their duties and who will carry
out your instructions carefully.
Why do I need a trust?
There are many different reasons for using trusts. They
include:
- The co-ownership of a house
- The creation of lifetime gifts for young people
- Deferring the payment of capital gains tax
- Avoiding the payment of inheritance tax
- Making special provision for mentally incapacitated adults and
in many other differing situations.
Hugh James trusts experience
We have a large, diverse and
experienced asset management team who specialise in all matters
relating to trusts.
Our solicitors work with
each client individually to provide the highest level of advice to
ensure the best provisions are made for you and your family now and
in the future.
Hugh James can assist you in the creation of
any of the following trusts:
- Bare trusts
- Interest in possession trusts
- Discretionary trusts
- Charitable trusts
- Property trusts
We can advise on setting up a
trust, structuring trusts, managing trusts and
on choosing trustees.
Hugh James also advise
trustees on how to meet their obligations and duties and we
regularly act as professional trustees to ensure our clients’
wishes are carried out to the letter.
We also offer a trusts
administration service to trustees to ensure the many
administrative requirements of acting as a trustee are fulfilled,
such as holding an annual meeting to discuss investments and filing
tax returns.
Working nationwide, our specialist solicitors
offer straightforward and practical advice with sensitivity and
care and regularly prepare trusts for all manner of situations and
clients.