Expert trust lawyers helping you and your beneficiaries
A trust is commonly used as a way of allocating your assets for the benefit of beneficiaries. Trusts differ from a straightforward gift, as beneficiaries receiving gifts made in trust do not have complete control over the asset given. Many people use a trust in conjunction with a Will, to pass on their assets in a manner they feel is appropriate to a particular beneficiary.
With Hopkins Solicitors, you have access to experienced Probate solicitors who may also be able to minimise the tax liabilities on the estate and those of the beneficiaries.
Setting Up A Trust
Trusts are designed for a variety of purposes and reasons. They can be used when a person is too young (i.e. a minor – under the age of 18) or is unable (e.g. due to a lack of mental capacity) to manage their own affairs, or to be able to pass on money or property whilst alive.
The settler creates the trust stating the manner in which the property and income should be used. The trustees are in charge of administering the trust, and are also the legal owners of the trust property. The beneficiaries are those who will benefit from the property being held in trust.
Hopkins Law can draft, set up and manage your trust
As there are many different types of trust, let us advise you on which is best suited to your situation, the tax implications, how the trust will be managed and the rights and obligations of those involved.
Hopkins Law Trusts
A small sample of the trusts we can draft, set up and manage include:
- Bare trusts – property is held in the name of the trustee but the named beneficiary can take control of the income and trust property at any point. It can be used to pass gifts onto your children during your life.
- Discretionary trusts – these are complex and can be used for many purposes. The trustees have discretion to pay income and capital to a wide class of beneficiaries.
- Interest in possession trusts – these give the beneficiary a legal right to the trust’s income but not the actual property. This allows you to leave the income from the trust property to one person and the property to someone else when the person in receipt of the income dies.
Hopkins Law can assist you in setting up new trusts, managing existing ones and ensuring you meet all of your responsibilities.