In order to plan for the future, you should set up a trust to ensure that your estate is given to the people you choose, when you choose. If you are thinking of setting up a trust or want to dispute a trust, you should seek the help from our team of legal experts who will guide you through every step of the process.
Setting up a trust can be a complicated task, particularly if there is more than one property or several beneficiaries involved. Luckily, our solicitors have a wealth of experience in trusts, whether you want to set one up or dispute one, we can help you with all your needs.
If you would like tailored legal advice regarding the setting up of a trust, or any other issue regarding this matter, our team of expert solicitors is here to help. Call us today on 01244 373 373 or complete our online contact form and we will be in touch.
What is a trust?
A trust is a legally binding agreement that allows a person to hold property on behalf of a beneficiary.
Assets dealt with in a trust can include:
- Other valuable assets such as jewellery or paintings
Who is involved within a trust?
A trust is typically made up of two parties, a trustee and a beneficiary.
- Trustee – a trustee is the legal owner of the property within a trust. It is the legal owner’s duty to look after this property until it is due to be handed over to the beneficiary. Typically, family members are trustees, however, a professional trustee such as a solicitor can be appointed.
- Beneficiary – a beneficiary is any person who benefits from the property listed in the trust. There can be one or more beneficiaries listed who can benefit from the trust in different ways, depending on the property within the trust.
It is important that both the trustee and beneficiary both understand their legal obligations and rights as part of a trust.
Why you should set up a trust
There are many reasons why people decide to set up a trust. These include:
- Disability – to give someone money that is dedicated to looking after you now or in the future
- Tax – to reduce the amount you are taxed
- Children – to give a gift to to a person who is currently too young to look after it
- Gift – to control how a person uses the property you have gifted to them
- Inheritance – to protect the inheritance you wish to give to your family upon your death
How we can help
At PDA Law, we can help you with all your trust needs. We will:
- Help you set up a trust by preparing all the paperwork, and sending any information to HMRC
- Inform you of your responsibilities and duties in regards to the trust
- Act as a trustee on your behalf
- Provide you with in-depth advice throughout the whole process
Contact us today
If you want to speak to a legal expert about trusts, call PDA Law today on 01244 373 373 or complete our online contact form and we’ll help you with all your legal needs.