Simply put, a trust is an arrangement whereby somebody (the trustee) holds an asset (e.g. cash, shares and property) for the benefit of somebody else (the beneficiary). They can be used to protect assets, for example from inheritance tax, as well as ensuring a loved one is provided for in the future.
Administration of Trusts Solicitors in Bristol
You can make a trust that will take effect during your lifetime by creating a trust deed. Alternatively you might make a trust that will kick in when you die by setting out the terms of the trust in your Will.
Whether you choose to set up a trust now, or through your Will, you need to make sure that it’s going to work properly so that your beneficiaries benefit from the trust when they are supposed to. You’ll also need to make sure that, while the trust is on going, the trustees act properly and in the best interests of the beneficiaries.
Our Administration of Trusts solicitors have the expertise to ensure you can create a trust that does exactly what you need, as well as providing clear, practical advice to the trustees in charge of a trust. Our goal is to make it as simple as possible to ensure your loved ones get the full benefit of the assets you wish to set aside for them.
Our administration of Trusts services
Our team can help with all types of trusts, ensuring you have the right legal measures in place to meet your needs and those of your loved ones.
Sometimes called ‘property protection trusts’ or ‘asset protection trusts’, this type of trust can be set up straightaway and used to protect specific assets, most commonly your home.
Lifetime trusts are often used where you are concerned that you may need to move I to a residential care home in the future and want to ensure your house is not considered as an asset for any assessment to determine what contribution you will need to make towards care home fees. This can be essential to protect your loved one’s future inheritance.
Lifetime trusts can also be used for things like damages received as a result of a personal injury claim, allowing you to benefit from the compensation secured without affecting your entitlement to state benefits.
This allows you to specify the details of a trust to be created when you pass away. Also sometimes referred to as a ‘testamentary trust’, this can allow you to ring-fence a property or other specific assets to benefit your loved ones after you are gone.
A common reason for creating a Will trust is to ensure a child or other dependant without the capacity to live independently will continue to be provided for when you are no longer around to look after them. They can also be used if you are married with children and are concerned that your spouse may marry again after your death, potentially affecting your children’s inheritance.
Time limits for trusts
When you set up a trust, you will need to specify how long the trust is intended to run for. This can usually be up to a maximum of 125 years, unless you are setting up a charitable trust, in which case there is no limit on how long it can run.
Common examples of how long a trust might run for include until a child turns 18 and is able to manage the assets contained in the trust themselves or until the death of the beneficiary e.g. when using a trust to provide for a loved one without the mental capacity to care for themselves.
Why choose Henriques Griffiths’ Administration of Trusts solicitors?
Our lawyers have been helping people to create and manage a wide range of trusts for many years, giving us the experience and expertise to help you put the right measures in place to protect your assets and provide for your loved ones.
Our team includes members of the Society of Trust and Estate Practitioners (STEP) reflecting the strength of our expertise in these matters.
As part of the firm’s Wills, Trusts and Probate team, we can also advise you on making a Will, creating Lasting Powers of Attorney, applying to be a Court of Protection deputy and all aspects of estate planning and administration.
Henriques Griffiths is Lexcel accredited by the Law Society for our excellent practice management and client care. We are regulated by the Solicitors Regulation Authority (SRA) providing assurance that we continually meet the highest legal and professional standards.
Get in touch with our Administration of Trusts solicitors
For help with any aspect of Administration of Trusts, please call us on 0117 909 4000 or use the links below to make an enquiry or request a call back.