Wills and Trusts, Trust Deeds - HilliersHRW Solicitors

A trust is a legal mechanism designed to manage the assets of one person for the benefit of another and can be an effective tool in reducing your inheritance tax liability.

A trust can be a very useful way of sorting out your financial affairs. They have the following advantages:

Minimising tax on your estate;
Providing security for your children/ other dependants in the event of your death or serious illness;
To ensure your beneficiaries receive an inheritance in the event of you needing to go into care;
It can ensure your business is continued and provides an income for your family.

Care must be taken when creating a trust to ensure that the legal requirements and your needs and wishes are correctly implemented. In particular you must be aware that when creating a trust you are giving away assets and legally you will not be able to retrieve such assets from the trust once created. Further, you may not have power to change the group of beneficiaries thus the trust needs to be sufficiently widely drafted to ensure any future dependants are included.

You may also wish to consider appointing a protector whose role is to make important decisions about the trust over and above that of the trustees. Consideration also needs to be taken of the tax charges that can apply to trusts and consequently it is important to ensure that only certain amounts are invested.

The law of Trusts is an extremely complex area. Hilliers HRW Solicitors have many years of experience in setting up and administering trusts and would be happy to discuss with you how a trust may be of benefit to you and your family.

Contact:

Michael Culver or Fiona Nash.
Stevenage Office: 01438 346000. Bedford Office: 01234 858000

	Making a Will Probate Contentious Probate Court of Protection Power of Attorney Tax Planning Trusts	A trust is a legal mechanism designed to manage the assets of one person for the benefit of another and can be an effective tool in reducing your inheritance tax liability. A trust can be a very useful way of sorting out your financial affairs. They have the following advantages: Minimising tax on your estate; Providing security for your children/ other dependants in the event of your death or serious illness; To ensure your beneficiaries receive an inheritance in the event of you needing to go into care; It can ensure your business is continued and provides an income for your family. Care must be taken when creating a trust to ensure that the legal requirements and your needs and wishes are correctly implemented. In particular you must be aware that when creating a trust you are giving away assets and legally you will not be able to retrieve such assets from the trust once created. Further, you may not have power to change the group of beneficiaries thus the trust needs to be sufficiently widely drafted to ensure any future dependants are included. You may also wish to consider appointing a protector whose role is to make important decisions about the trust over and above that of the trustees. Consideration also needs to be taken of the tax charges that can apply to trusts and consequently it is important to ensure that only certain amounts are invested. The law of Trusts is an extremely complex area. Hilliers HRW Solicitors have many years of experience in setting up and administering trusts and would be happy to discuss with you how a trust may be of benefit to you and your family. Contact: Michael Culver or Fiona Nash. Stevenage Office: 01438 346000. Bedford Office: 01234 858000 Back to top

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