The Trust team at Wolferstans is made up of specialists who work with Trusts on a daily basis whether set up in a Will or during someone’s lifetime.
They have expertise in the most basic to the most complex Trust arrangement, from the creation of Trusts, to the daily management, appointment and removal of Trustees, Trust disputes or winding up a Trust.
- Fixed fees
- Specialist Trust administration service
- Bespoke Declarations of Trust
- Experienced lawyers who are members of Solicitors for the Elderly, STEP and the Law Society Private Client Section
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A Trust is essentially a legal arrangement where the Trustees hold assets for the benefit of someone else, who are known as the beneficiaries. The assets may be cash, investments, property or any number of things.
Trusts can be very useful to ring-fence an asset, retaining control after you have passed away as to who will ultimately benefit from your estate or to ensure that someone has the benefit of an asset when they are perhaps vulnerable.
We are experienced in advising upon all manner of Trusts, both at the time of creation of Trusts, and the ongoing management. We are experienced in acting as Trustees and managing Trusts on a day to day basis as well as assisting with the winding up of Trusts.
We can advise you on all types of Trusts whether they be discretionary Trusts, interest in possession, Trusts for disabled beneficiaries etc.
The law relating to Trusts is extremely complex and there are a number of issues, including tax issues that have to be taken into account and considered closely.
As Trusts can exist for a long time, it is not uncommon that disputes will occur between Trustees and beneficiaries.
These can often be difficult as often the Trustees and beneficiaries can be family members.
We have a specialist team who work in relation to solving such Trust disputes in the most practical problem free way possible. We pride ourselves on pragmatism and compassion in trying to find a way forward without necessarily involving costly litigation.
This is a stand alone type of Trust that is very common in day to day life.
For example, if an unmarried couple move into a property together, a Declaration of Trust would help to confirm each individual’s rights over the property, from the most day-to-day practical points such as who is to pay the bills or maintain the property, up to the more complex issues should the relationship break down. Such Declarations of Trust are extremely straightforward and inexpensive to prepare and save a lot of dispute, expense and heartache that can occur.
We are extremely experienced in the management of Trusts, both in acting as Trustees and assisting the Trustees in relation to Trust management.
The role of a Trustee is an onerous one and carries increasingly heavy penalties if obligations are not complied with. As such, we offer a Trust Administration Service whereby Trustees can delegate the day to day management of a Trust to us and be secure in the knowledge that we will deal with all issues arising on their behalf.