Trusts can be a great way to protect wealth for future generations. Our expert trusts solicitors handle all aspects of trust creation, management and closure.
A trust is a legal arrangement that allows one group of people (the trustees) to manage money or other assets for the benefit of other people (the beneficiaries). Trusts help to protect beneficiaries' interests.
The benefits of creating a trust
The most common reasons for creating a trust include:
- Managing cash and assets for those beneficiaries who are too young to manage their own affairs, or who lack financial maturity
- Protecting assets from claims by former spouses or creditors of the beneficiaries in the event of future divorce or financial difficulties
- Allowing beneficiaries to make use of assets without affecting their own tax liability
Some trusts allow you to pass on the benefits of assets, while keeping some control over them. This is especially useful for:
- Business owners who want to benefit future generations while continuing to manage their companies
- Setting aside cash or assets for identified beneficiaries while keeping control of how and when they should benefit.
Creating a trust can also help with tax planning, both for current and future generations.
Get advice from an experienced team of trusts solicitors
Whether you want to discuss the benefits of creating a trust, keep a current trust running or even close a trust, our dedicated and helpful trusts solicitors can assist with ongoing administration ensuring all legal and tax rules are followed.