Bowcock & Pursaill Solicitors has a large department which has a proven track record in dealing with the formation and administration of trusts. Our solicitors provide advice and guidance on all issues related to trusts.
Whilst trusts are a vital part of financial planning, they often get overlooked because people don’t fully understand the need for one.
If your assets are to be given to someone (the beneficiary) who, at the time of your passing, isn’t quite ready to receive them, this could be due to age / circumstance / mental capacity, a trustee, nominated by you, Will be appointed to look after your assets on your behalf.
Once the beneficiary meets the requirements to receive your assets, the trustee will hand them over with the support of their solicitor.
Trusts can be subject to income tax, capital gains tax and inheritance tax according to the type of trust and how the beneficiary will benefit from it.
Our experienced team of solicitors will discuss the options available to you. They will explain about the role of a trustee, how trustees acquire and dispose of assets, how a trust is a flexible structure that can be adapted to the needs of the beneficiaries and what type of trust should you administer.
A trust can be a useful means to:
- Save or reduce tax
- Adapt to the changing circumstances of the beneficiaries
- Facilitate the transfer of assets from one generation to the next
- Permit trustees to decide who will benefit from the assets and when
- Preserve assets for vulnerable beneficiaries in the event of a beneficiary encountering financial or matrimonial difficulties now or in the future
- Protect assets from beneficiaries who might be financially at risk
There are various types of trusts, most commonly:
- Will trusts
- Discretionary trusts (including for pension death benefits)
- Life interest trusts
- Bare trusts
- Personal injury trusts