Trusts can play a valuable role in wealth and succession planning.
But along with opportunity, they can also bring complexity. That's why having the right expertise in your corner is essential.
At Monan Gozzett, our private client solicitors specialise in trusts. They can advise on the options available, the suitability of each option for your own particular circumstances, and the tax implications.
Contact our trusts solicitors today to see how we can help.
What Are Trusts?
Although trusts are not as fashionable as they once were, largely thanks to changes in tax legislation in recent years, they can still be a handy tool for families.
A trust is a legal arrangement that manages money or assets for the benefit of specific people.
When setting up a trust, you decide who will be in charge of it (the trustees) and who will benefit from it (the beneficiaries).
Taxable income
It is worth noting that assets can still generate income once they have been placed in a trust.
As such, trusts do sometimes have to pay taxes.
That said, it can be more tax-efficient to put assets in a trust and receive income as a beneficiary than receiving the income directly.
Why Are Trusts Important?
Trusts are a way of managing wealth for you, your family, or anyone else whom you'd like to benefit.
They can be created for various reasons, some of which are outlined below:
- to control, protect and preserve family assets for future generations
- as part of a tax planning exercise to mitigate Inheritance Tax
- when someone cannot handle their affairs because they are incapacitated
- to pass on assets while you are still alive
- under the rules of inheritance, if someone dies without a will (in England and Wales)
How Our Trusts Solicitors Can Help
At Monan Gozzett, we can advise you on the options available, the suitability of each option for your own particular circumstances, and the tax implications.
If you have been appointed as a Trustee, it can be a daunting prospect.
We can:
- review the ongoing suitability of the trust to identify any weaknesses or potential pitfalls
- advise you on your legal duties as a Trustee
- comply with the special legal formalities to ensure the trust is officially registered with HMRC and assist in an orderly and tax-efficient winding up of the trust when it has served its purpose.
If a dispute arises regarding a trust, don't hesitate to contact us to see how we can help with Trust Disputes.
Contact Our Trusts Solicitors
At Monan Gozzett, we have a team of solicitors specialising in trusts.
With offices in Sussex, Hampshire, Surrey, London and Yorkshire, we can arrange virtual or face-to-face meetings with clients.
Find out more about our office locations.
Frequently Asked Questions About Trusts
What can I put in a trust?
You can put any asset that you own into a trust, including:
- Land and real estate property
- Personal property (for example, art and jewellery)
- Financial assets
- Life Insurance
Assets can be placed into a trust during your lifetime or - if stated in your will - after you die.
What if a trust and a will are conflicted?
Contradictory instructions will cause confusion. We always recommend reviewing your will every five years as a matter of course. But if you're considering a trust, we would advise taking an additional look at your will to ensure the documents aren’t at odds with one another.
If you would like to speak to our expert legal team about this, or any related subject then please contact our team by phone on 0207 936 6329, Email or by completing our Quick Contact Form below.