Ashby

01530 414111

Leicester

0116 2551901

Coalville

01530 834466

Melbourne

01332 863810

Family Trusts and Asset Protection

For many people ensuring that financial assets are passed to their loved ones after they die is of key importance. We can advise on the appropriate steps to enable the transfer of assets from one generation to the next and preserving family wealth.

Natasha Dobson

Solicitor

Crane and Walton LLP can offer expert advice on:

A Trust is an arrangement by which an individual transfers assets to one or more trustees who will hold it for the benefit of another person or group of beneficiaries. The most widely used form of Family Trust in England and Wales is called a Life Interest Trust.

If a person transfers their property into a Life Interest Trust, the trust will allow them the right to live in the property and receive any income from it for the rest of their life. On their death, specified beneficiaries (for example, their children) would become entitled to the capital of the trust (i.e. the property itself). When carrying out a financial assessment for care fees, a Local Authority should disregard certain assets, including the value of a right under a Life Interest Trust.

We can also advise on UK Inheritance Tax connected with trusts.

Property can be transferred outright or into joint names.

We can advise on all aspects of the property transfer including the following circumstances:

  • The recipient of the property may fail to support the person making the gift, leaving them vulnerable and at risk of losing their home. In the event of the divorce of the recipient, their share of the property would be considered as part of their assets in any financial settlement
  • Bankruptcy – a trustee in bankruptcy could claim against the recipient’s share of the property when selling assets to pay creditors
  • On the death of the recipient their share of the property would form part of their estate and would pass under their Will, or, if no Will existed, to the next of kin under the intestacy law
  • Care Home Fees – if you transfer assets, whether outright or into a Trust, with the intention of avoiding care fees, then you may be deemed to still own the assets for the purposes of assessing your eligibility for Local Authority funding
  • Tax consequences for both the person making the gift and also the recipient.

Most couples own property as joint tenants. This means that if one of you dies the property automatically passes to the other, regardless of what is in your Will.

If you wish to leave your respective share of the property under a Will to someone else, for example to your children, then your joint tenancy can be severed and you can hold your shares in the property individually.

Meet the team

Matthew Needham

Solicitor and LLP Member

Rebecca Taylor

Solicitor, LLP Member and Associate Member of Solicitors for the Elderly

Philippa Crane

T.E.P, Solicitor and LLP Member

Laura Doherty

T.E.P, Solicitor and LLP Member

Leanne Cooper

T.E.P, Trust and Estate Practitioner, Solicitor and LLP Member

Rebecca Abraham

T.E.P, Solicitor and LLP Member

With our exceptional knowledge and experience we know you are looking for keen fees and speedy responses.

Accreditations

WHAT OUR CLIENTS SAY

Matthew Needham

Solicitor and LLP Member

I head the Private Client Team and my work involves advising clients on establishing effective inheritance tax solutions to include wills, trusts, administration of estates, deeds of variation and family trusts. I also advise on alternative commercial arrangements in order to maximise the inheritance tax reliefs available.

I am a Corporate Member of Crane And Walton LLP and qualified as a Solicitor in May 1994.

Rebecca Taylor

Solicitor, LLP Member and Associate Member of Solicitors for the Elderly

I am a Solicitor advising on Private client matters including; Wills, Administration of Estates, Court of Protection applications, Powers of Attorney, Trusts, Elderly Client issues and Tax Planning matters. I also have experience in dealing with transfers of property, including Assents and Declarations of Trust.

I qualified as a Solicitor in January 2004.

Philippa Crane

T.E.P, Solicitor and LLP Member

I have over ten years post-qualified experience and specialise in wills, trusts and probate. 

I advise a wide range of clients on their wills and Lasting Powers of Attorney, providing tailored advice in relation to inheritance tax and estate planning for each client’s individual circumstances. 

I assist clients with all elements of estate administration, from probate applications and intestacy to complex inheritance tax matters, post-death variations and estate income and capital gains tax. I have a thorough knowledge of trust law and advise clients on all aspects of trust creation, taxation and administration. 

I am a member of the Society of Trust and Estate Practitioners. 

Laura Doherty

T.E.P, Solicitor and LLP Member

I advise on matters regarding the drafting of Wills, Administration of Estates, Court of Protection applications, Lasting Powers of Attorney, Trusts, Elderly Client issues and Tax Planning matters. I also have experience in dealing with property transactions to include, Assents, Transfers and Severance of Tenancies.

I am a Member of the Society of Trusts and Estate Practitioners.

I qualified as a Solicitor in August 2013.

Leanne Cooper

T.E.P, Trust and Estate Practitioner, Solicitor and LLP Member

I have worked within the private client department of Crane and Walton LLP for over 17 years and have a wealth of experience and knowledge of private client law and procedure. 

I specialise in the administration of estates, drafting and interpreting Wills,  drafting Lasting Powers of Attorney and Court of Protection applications. I also advise clients on trust issues relating to trust administration as well as private client taxation involving inheritance tax, capital gains and income tax.

I offer a professional and supportive service to my clients, providing clear and concise legal advice. 

I am a full member of STEP and cross qualified from a FILEX to a solicitor in August 2021. 

Rebecca Abraham

T.E.P, Solicitor and LLP Member

I have over 13 years of post-qualified experience in private client law and advise on all areas of estate and Inheritance Tax planning and administration including the drafting and interpretation of Wills, creation and management of Trusts, Powers of Attorney and Probate and administration of estates including complex and taxable estates and post death variations.

I work with a wide range of clients with differing needs and backgrounds including high net worth individuals but always with the aim of providing legal solutions tailored to their individual concerns and requirements.

I am a member of the Society of Trust and Estate Practitioners.