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Creation and Administration of Trusts

It is a widely held, but misconceived belief that trusts are exclusively for the wealthy who use them to avoid paying tax. Whilst this may be true in some cases, trusts are very useful and flexible vehicles for all sorts of people and for all sorts of purposes.


You may wish to set up a trust during your lifetime, or by your Will, for any number of reasons.   Trusts can be an important part of your tax or succession planning strategy. 


We have considerable legal expertise in this area. We can advise and help you with the creation of a trust specifically designed for your personal circumstances and needs.


Types of trust include:-

 

  • Interest in Possession (IIP) trusts – used perhaps to provide income to one person or a group of people whilst protecting the capital for a different person or group;
  • Trusts for vulnerable children or adults – used to enable trusted individuals to look after  money or assets for the vulnerable person and perhaps obtain favourable tax treatment;
  • Asset protection trusts;
  • Charitable trusts;
  • Care fee planning trusts;
  • Bespoke trusts for the protection and succession of businesses and their assets;
  • Pension death benefit trusts (spousal bypass trusts);
  • Trusts to protect parents’ contributions towards the purchase by a child of his/her home (an increasingly common scenario nowadays).


We can advise and assist you with the creation and subsequent administration of a trust, including advising upon the interpretation of the terms of a trust, advising you regarding your duties as a trustee, and on the inheritance tax, income tax and capital gains tax regimes which apply to trusts, which are very different from those which apply to individuals, and where there are many traps for the unwary which we can help you avoid.

 

For more information please contact:
Bells Solicitors Limited.   Registered in England and Wales no. 07827988.   Authorised and regulated by the Solicitors Regulation Authority.   SRA number 569030.   VAT registration number 137595285