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Trusts Solicitors

A trust is a great way to make sure your assets are protected for your loved ones. Don’t let your hard work and lifetime planning go to waste; be safe in the knowledge that your property, savings, and shares are going to the right place.

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What is a trust?

Trusts can seem complicated at first, but they’re very useful. 

A trust is a legal arrangement in which someone (the ‘trustor’) grants another (the ‘trustee’) the right to hold title to property or assets for the benefit of a third party (the ‘beneficiary’). 

Trusts are set up to offer legal protection for the trustor’s assets so they are distributed according to their wishes or to avoid/reduce estate taxes. The terms of the trust are specified in a ‘trust deed’ which outlines how and when the assets pass to the beneficiaries. 

They’re commonly used during estate planning. This is done to safeguard family wealth or to control the family’s assets when the beneficiaries may not be willing or able to do so themselves.

How to set up a trust

There are a few types of trust, including: 

  • Life interest trusts
  • Will trusts
  • Lifetime trusts
  • Compensation protection trusts

Deciding which trust is right for you can be tricky; let us help you keep it simple and your interests represented.

How can Spencer Churchill help you with your trust?

Our experienced team of trust solicitors can help with all aspects of trusts and will explain the importance of trusts for you, addressing any concerns you may have.

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The Importance of Trusts

Why are trusts important?

Trusts are set up for several reasons, such as:

  • To control, protect, and preserve a family’s assets for future generations
  • To reduce Inheritance Tax
  • When the beneficiary is too young to handle their affairs
  • When the beneficiary can’t handle their affairs due to incapacitation
  • When someone receives compensation through a personal injury claim
  • To pass on assets while the trustor is still alive
  • To pass on assets when the trustor dies
  • If someone dies without a will under the rules of inheritance

Want to set up a trust? Need more information on trust law? Give our trust solicitors a call, and we can answer any questions you may have.

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Legal help with Trusts

Do I need legal help when setting up a trust?

You can technically write up your trust, but this isn’t recommended. It can take a long time – up to a year – and you will likely be held financially and legally responsible if you make any mistakes.

Setting up a trust with a legal professional will avoid costly mistakes that might impact the trustor’s assets. It will also help you with:

  • Knowing which trust is best for you
  • Understanding which conditions you should include in your trust
  • Whether you can save taxes with your trust
  • Making sure your trust doesn’t conflict with your will
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Trusts Solicitors

What if my trust and will are conflicted?

When a trust and a will contain conflicting instructions, resolving these discrepancies involves professional legal help to determine whether both are valid and accurately reflect the deceased’s intentions. If both claim the same assets, the court decides which document takes precedence, often favouring the newer or more specific one, allowing the estate to be managed as intended.

To avoid any confusion or hassle, review your will while your trust is set up so they both serve you better.

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