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What is a Trust?
A trust is a legally enforceable arrangement, set up either in your lifetime or on your death (normally) by a written trust deed.
On creation of a lifetime trust you hand over some of your assets (eg money or property) to be looked after by someone else, known as a trustee, for the benefit of another person or persons, known as the beneficiaries.
Once you hand over the assets you cannot benefit from them again unless you have nominated yourself to do so under the terms of the trust deed. There are tax implications connected with being a beneficiary of your own trust.
A trust arising on death does not come into effect until you die. It will either arise under the terms of your Will, but can arise under the intestacy rules (where there is no Will) and any of the beneficiaries entitled to benefit are under 18 or come within the special rules applicable to a spouse.
A written trust deed (either created in your lifetime or under your Will) allows you to specify how you want the trust to be administered. For instance you can say when beneficiaries are entitled to the assets in trust. Many people leave money in trust for children, and nominate them to receive it once they reach a certain age.
There are many different types of trust. There are also tax and other issues arising from the Finance Act 2006 which you need to carefully consider before deciding whether a trust is right for your circumstances.
Reasons to set up a trust
Common reasons for setting up a trust are:
- to reduce inheritance tax for your family or to reduce your own tax burden
- to pass assets on your death without the need for a Grant of Probate
- to take care of assets for the benefit of children, or to pay for their school fees or education
- to shield assets for the benefit of another who is too disabled, sick or old to look after them personally, or who may be in local authority funded care
What our clients say:
We found the service you offered excellent. It was extremely friendly, clear and concise, and the communication was informative and speedy with a minimum of fuss. Sympathetic in the circumstances too. P.S. Girls on reception – totally lovely, very personable and helpful.
All work carried out to our complete satisfaction. Thank you.
Jill was very kind and friendly making me feel at ease!
I would like to thank the both of you for your help with this matter. I did not realise what being an executor entailed. I know that things like this are an every day part of your jobs, and probably other wills are more complex. Again, though, thank you very much.
Jill dealt with us and helped a lot by explaining clearly. She was very kind to two old people!
A first class service, professionally executed in an efficient and timely manner. A perfect service – so improvements not applicable.
The initial appointment was excellent. We were very impressed at being able to have a home visit. Jill was clear, patient and understanding at this sensitive time.
As always, very happy with the service from Ridley & Hall. Jill is very professional and efficient in dealing with our wills. We have recommended her to our parents.
I just wanted to thank you for all the work you have done recently on behalf of me and my late mother. You activated the power of attorney my late mother had set up some years ago, you organised with a colleague the sale of her home and, latterly, you sorted out the probate on her estate. I’m hoping that I won’t have the need of your services again, in the near future anyway, but I do appreciate your expertise and the very friendly and personal way in which you have handled these matters.
To all who were dealing with my mother’s estate, I just want to thank you for all the support you have given me throughout from my mother making this Will with you. It has been a very difficult situation to have been in all these years, trying to get people to listen to me but I got there in the end and you were the people who actually listened.