If you have dependants who rely on you for financial support and other types of practical assistance, you should give careful thought as to how they would be provided for if you were no longer around.
Trusts are legal entities that can help protect assets for your beneficiaries. They can be used in a Will to help that person when they are planning what should happen to their estate in the future, alternatively they can be set up during a person’s lifetime.
They can help provide for young or disabled beneficiaries or whole families. They may be useful for business owners or those with agricultural interests as part of their estate planning.
However, the Trust law is complex and a number of issues can arise during the administration of Trusts. These include tax issues, changes to the trustees, disputes and finally winding up a Trust. We can help and support you with these issues, as they arise.
The taxation of Trusts is a particularly complex area through which we can guide and support you.
Our team is experienced in dealing with all aspects of drafting Trusts and Trust administration, including dealing with the most complex Trust arrangements through to the more straightforward. We can offer a wide range of services tailored to your needs, whether you want to create a Trust, require help when acting as a trustee or need advice if you are a beneficiary of a Trust.
Contact our Trust solicitors now
Our clear, reliable Trust services
- Advice on specific Trust issues, as and when required
- Advising trustees
- Advising beneficiaries
- Trust management
- Professional trustee service
- Drafting Trusts
- Changes of trustees (addition, removal or retirement of trustees)
- Trust Disputes
- Taxation of Trusts
- Drafting a bespoke Declaration of Trust
- Fixed fees
- Experienced lawyers who are members of Solicitors for the Elderly, STEP and the Law Society Wills and Inheritance Quality Scheme (WIQS)
How we can help you with creating and managing Trusts
We are also able to assist trustees with the ongoing management of a Trust. We are on hand to assist with issues as they arise and help you with any necessary decision making, we can liaise with other professional advisors should you require additional expertise, to include financial or accountancy advice.
As Trusts can exist for a long time, it is not uncommon for disputes to 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.
A Personal Injury Trust (also known as a Compensation Protection Trust) is a way of managing compensation received due to a personal injury. By placing your compensation in a Personal Injury Trust, it is ring-fenced so that it is not linked to your other personal capital.
For more information on Personal Injury Trusts please visit our Court of Protection page.
This is a type of Trust which is quite commonly used, particularly in relation to property ownership. They can be helpful when an unmarried couple move into a property together and wish to draw up an agreement about how the bills and maintenance of the property is to be split right through to how any proceeds of sale should be divided in the event of a relationship breakdown.
We can draft a Declaration of Trust for you to ensure your arrangements are clearly set out to avoid any doubt in the future.
How much does it cost to set up a Trust?
This will depend on your personal requirements. For creating a straightforward Trust, we may be able to agree a fixed fee to cover all of the work involved, while for more complex Trusts and Trust management, we will usually work according to a set hourly rate.
To find out more about the cost of creating and managing a Trust, please get in touch.
Book a consultation with our Trust solicitors in Plymouth
Creating a Trust can offer peace of mind that your assets and your loved ones will be protected, now and for the future. Call Wolferstans in Plymouth now for friendly, expert guidance on creating and managing a Trust.