Safeguarding your estate for future generations
Trusts Law Solicitors
Establishing a trust is often a sensible way to protect your wealth and maintain its value for the benefit of others over a long period of time. It gives you the ability to influence the use of the funds including deciding how to invest the money and benefit your family. Our trusts solicitors can guide you through your options to help you make the best decision for your situation.
Types of trusts
Trusts come in many forms. They can be incorporated into your will, which only come into existence when you die (a Will Trust), or lifetime trusts which are established while you are still alive. Lifetime trusts can outlive you and continue to be effective after your death, often for the benefit of your family.
Whether you are considering your children’s or grandchildren’s futures, or indeed those of wider family such as nieces and nephews, using a trust allows them to benefit from funding in a controlled manner. This takes into account their age, their position in life both financially and personally, and their ambitions which can change frequently. Certain types of trusts remain extremely flexible in how they allow the funds to be used. It is advisable to be guided by an expert in trusts law to help you navigate all the different types of trusts available.
How we can help you
In some circumstances a trust can be used to protect the assets for your own benefit, should you feel you need a helping hand in managing financially. We can help you understand how this will impact on your personal tax affairs and the implications of relinquishing the funds into the hands of your chosen trustees.
We also have the expertise to establish and administer Personal Injury trusts which are often used to ensure means tested benefits are not lost as a result of damages received as a consequence of a successful personal injury claim. We work closely with our Personal Injury team to offer a seamless transition from litigation to thinking about how you will protect and use the hard won compensation.
Having assisted you with establishing your trust, our work doesn’t stop there. Upon their creation, trusts take on their own life and HMRC compliance is crucial. The work of our trusts law solicitors can include but is not limited to:
- Explaining the tax and legal characteristics of your particular trust.
- Guide you through the process of establishing a trust to ensure it is tailored exactly to your requirements.
- Administering the trust on a day to day basis, whether in the role of professional trustee or by assisting you and others in that role to honour your legal obligations.
- Drafting appropriate documents to record your decisions as Trustees.
- Preparing Trust Accounts as required and liaising with beneficiaries on your behalf.
- Liaising with HM Revenue & Customs to register the trust formally and ensure the appropriate tax returns are completed and filed on the trustees’ behalf on an annual basis.
- Liaising with third party advisors such as investment managers to assist you in acquiring the best advice to invest and grow the fund.
- Advising trustees of their duties to safeguard them against personal liability for trust mismanagement.
A lifetime trust is a flexible and resilient tool which can also protect assets for vulnerable and disabled individuals, or those who are not able to handle large sums of money
Expert trust law advice with a personal touch
We understand that your requirements may vary and we can support you as little or as much as you need. Whether that is to establish a trust, prepare accounts or tax returns, to wind up the trust and distribute the funds to the appropriate beneficiaries; we are on hand throughout the duration of the trust to ensure it works hard for you and your family.
Why choose Shakespeare Martineau?
We take a holistic approach when it comes to advising you about trusts, taking into account a range of factors which will determine the suitability of establishing a trust in the first place and its ongoing effectiveness as your personal circumstances evolve and tax regulations change. The administrative burden placed on your trustees cannot be underestimated but we are on hand to provide pragmatic, reasoned and sound advice to ensure your trust works as you intended.
- We are a leading law firm, having helped many clients to protect the financial security of their families through our specialist trust law services.
- Known for our personal touch, we approach dealing with trusts on an individual basis with sensitivity and meticulous attention to detail.
- If you’re unsure about any aspect of your trust, our team has all of the expertise you need and will always be on hand to advise you on a range of issues, from tax considerations to the use of protective Trusts.
Your journey through the legal process
Not everyone is aware of how the process of engaging trust law solicitors works, so we’ve provided an overview below to give you some peace of mind:
- Once you’ve submitted a contact form via the enquire now panel to the right of this page, a member of our team will call you back to discuss your enquiry.
- You’ll then receive an initial consultation within 24 hours via Zoom or telephone to understand in more detail the issues you’re facing.
- Should you then decide that you wish to use our services, you’ll receive a breakdown of all our costs and a pack of on-boarding documents. We will work closely alongside you to ensure that whichever private client service you are interested in we are here to support you and find you the right solution.
Frequently asked questions
We've put together a short list of commonly asked questions to help you understand more about trusts law.
If you have any further questions please do not hesitate to get in contact with us.
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