A trust is an arrangement where property or other assets are held by one or more person to benefit another. Trusts can be created for your or someone else’s benefit.
- Trustee(s) – the person(s) responsible for looking after the trust
- Beneficiary(ies) – the person(s) who benefit from the trust
Trusts can be created in your lifetime or upon your death via your Will. There are several types of Trusts serving different purposes.
At Crane and Walton LLP we can advise you on all aspects of Trusts, whether it be setting up a new trust, advising on tax implications or Trust Deeds, administering a Trust or winding up a Trust. We are also happy to act as Trustees and regularly do so for our clients.
Examples of why you might consider setting up a Trust;
- Tax - To transfer assets to mitigate the impact of Inheritance Tax but still be in “control” by being a trustee.
- Family Succession - To benefit your children or grandchildren whilst they are minors whether it be during your lifetime or upon your death or to ensure that the family assets ultimately stay within the family.
- Personal Insurance - To mitigate tax liability by creating a Trust for pension death benefits or a life insurance policy.
- Illness or Disability - To provide for a family member who is physically or mentally incapable of dealing with their own financial affairs.
- Personal Injury - To preserve monies received as part or all of a personal injury damage award. It may be advisable to place these monies in a Personal Injury Trust; a Trust designed to protect entitlement to means tested benefits following a Personal Injury damages award.
- Long term care – to preserve wealth against the potential for requiring long term care (i.e.) guard against having to sell your home to pay for care.
Please feel free to contact us if you would like to discuss any of the above matters
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