Trusts are powerful legal tools that offer flexibility and control when managing and protecting your assets. Whether you’re planning for future generations, safeguarding family wealth, or addressing specific financial needs, trusts can be a vital part of your estate planning strategy. At WT Solicitors, we specialise in the creation and administration of trusts, helping to ensure that your assets are managed effectively and in line with your wishes.
What Are Trusts?
A trust is a legal arrangement where you (the “settlor”) transfer assets to a trustee, who manages them for the benefit of your chosen beneficiaries. Trusts can hold various types of assets, including property, investments, and cash. They are highly versatile and can serve a range of purposes, including:
Inheritance Planning: Protecting assets for future generations and reducing inheritance tax liabilities.
Asset Protection: Shielding assets from creditors, divorce settlements, or business risks.
Careful Wealth Distribution: Ensuring vulnerable beneficiaries, such as minors or individuals with disabilities, are supported appropriately.
Charitable Giving: Establishing long-term funds for charitable causes.
Trusts can safeguard your wealth from creditors, legal disputes, and mismanagement, ensuring it is preserved for your intended beneficiaries.
Trusts allow you to set specific terms for how and when assets are distributed, such as age milestones or life events, promoting responsible use by beneficiaries.
Assets held in a trust bypass the probate process, ensuring faster distribution to beneficiaries and reducing administrative burdens.
We provide comprehensive trust creation and administration services to ensure peace of mind for you and your beneficiaries. Our process includes:
Once a trust is created, proper administration is essential to ensure it operates legally and effectively. Trustees have significant responsibilities which our trust team are here to guide them through. Without proper administration, the trustees can face legal challenges, tax penalties, or disputes among beneficiaries. We will:
“Due to a house move I had to complete a trust registration process with HMRC which I am afraid I found a difficult and tedious task in the middle of a house move and my husband’s knee operation. I have to admit that I was therefore not the easiest person for Bethanie to have to manage but she did, and superbly. I commend her for reminding me from time to time that I needed to complete the process and during it all she patiently explained everything and offered help at every turn – even following my rather abrupt email rant. Fortunately the job is done thanks to her.“