Trusts and Estate Planning Services
Trusts and Estate Planning Services to protect your money and loved ones
Do you want to protect your family from the taxman after your death?
Do you have significant assets, business interests, or dependents that need more protection than a will can provide?
Would it take a weight off your mind to talk to a specialist Solicitor and explore how your loved ones are protected after your death?
You might think that trusts and estate planning are only for the super wealthy to avoid the attention of the tax man.
While trusts can help with minimising tax, they are increasingly used by people to protect themselves and family.
When considering how your wealth is distributed, it is important to take the time to think through your priorities.
Perhaps you have young children or an older dependent with learning disabilities. Rather than just taking care for them in your will, you might want to manage how and when they receive money to ensure they are looked after.
Or perhaps you have a complex family situation and want to do all you can to reduce potential conflict in the future. A trust can minimise these difficulties and give you greater control over who gains your assets.
Trust and estate planning is legally complex, so it’s important to have an experienced Solicitor in your corner.
We will take the time to understand your perfect outcome and help you make the best decisions for your loved ones’ futures.
What is a Trust and how does it help?
Think of a trust as a special financial tool that helps you manage and distribute your assets according to your wishes. It’s like setting up a plan where you can decide who gets what, when they get it, and under what conditions.
Trusts provide greater control and adaptability
Unlike general estate planning, which broadly manages your entire estate, trusts focus on the strategic management of specific assets. They allow you to focus on the things that matter most to you. For example, you can create a Trust to cover the fees for your children or grandchildren’s education.
Trusts can also protect your privacy as they are not public records. With the right legal advice, they can help to reduce taxes and protect assets from legal challenges and creditors.
At Tierneys, we take the time to find out what is important to you. Only then will we advise you on the best action to take. Like many legal procedures, trusts can be complex and are not the right option for everyone.
As a guide, the most common types of trust are explained below. Take a moment to browse through them, but don’t worry, our trust and estate planning team will explore all the options with you.
— FAQs: Frequently Asked Questions
The most common questions we’re asked about Trusts and Estate Planning
Can I put my house in trust?
Yes. Doing so may have some advantages, but it will also have some drawbacks.
We should talk through these together for you to make an informed decision.
Can I put money in trust to avoid inheritance tax?
Other kinds of trust will be no help at all, so it is important to get specialist legal advice.
We have bought a house together, do we need a Declaration of Trust?
It is important to record who contributed what to protect you both on future sale or if anything goes wrong in the future.
Should I put money in a trust now, or leave it to the person in my Will instead?
However, if you have specific worries you are trying to deal with, or enough assets that you can part with some of them now, a trust may be appropriate.
How much does it cost to set up a trust?
A straightforward trust in a Will, or a simple Declaration of Trust for joint owners may be only a few hundred pounds, but the costs of a lifetime property trust may be a few thousand.
If we prepare a trust for you, we will always agree a fee estimate at the start.
Unravelling the common types of trusts
● Bare Trusts:
These are the simplest type. The assets are held by a trustee, but the beneficiary (often a child) has the right to the assets when they turn 18.
● Discretionary Trusts:
The trustees have the flexibility to decide how to use the trust’s income and assets. They can choose which beneficiaries get what and when.
● Interest in Possession Trusts:
The beneficiary has the right to the income from the trust assets, but not the assets themselves. For example, they might receive rental income from a property held in the trust.
● Accumulation Trusts:
The trustees can accumulate income within the trust and add it to the trust’s capital. They can also pay out income if needed.
● Mixed Trusts:
These combine elements of different types of trusts. For example, part of the trust might be a discretionary trust, and another part might be an interest in possession trust.
● Settlor-Interested Trusts:
The person who sets up the trust (the settlor) or their spouse can benefit from it. This type of trust has special tax rules.
● Non-Resident Trusts:
These are trusts where the trustees are not based in the UK. They can be useful for international estate planning.
— Trusts and Estate Planning services are provided by our Private Client Team
Trusts and Estate Planning team at Tierneys Solicitors
Claire Liversidge
Assistant Solicitor
Joined Tierneys in 2024
Owen Brandwood
Trainee Solicitor
Joined Tierneys in 2022
Janette Aspin-Shaw
Receptionist
Joined Tierneys in 2014
How we can help
What you can expect:
We can provide as little or as much support as you need.