Trusts
Trusts Protect Your Assets
Managing wealth isn’t just luxury; it involves trust law, succession planning, and asset protection. Professional trust lawyers guide you through this complex process.
We offer assistance with various trusts, including those to reduce inheritance tax for heirs and declarations of trust to protect property investments.
At RG Law, our expert team advises on charitable trusts, estate trusts, and lifetime trust assets.
Understanding Trusts
Trusts are versatile tools for wealth management, property protection, education funding, and asset safeguarding. RG Law helps you unlock their full potential toda
You can contact our team by phone for an wills & probate quote (Monday-Friday 9am-5.30pm)
Office direct quote line: 02082699900
Trusts are essentially a way of controlling money, investments, land or property for the benefit of specific people. They're not just for the super-rich; trust law can be an effective part of anyone's estate planning.
At their core, trusts involve three parties - the settlor who establishes the trust by settling trust assets into it, trustees who manage those assets according to instructions given by the settlor, and beneficiaries who receive benefits from these assets.
Depending on your individual needs and circumstances, trusts can be set up during your lifetime or as part of your will after death.
Trusts aren't just about passing on wealth; they also offer ways to reduce inheritance tax payments and provide asset protection against future risks such as insolvency or divorce settlements.
Establishing a Trust
Securing your loved ones' future doesn't have to be complex. RG Law’s experienced team can guide you in creating a trust that acts as a financial safety net.
Trusts effectively manage and protect your wealth, ensuring it benefits those you care about. Our trust lawyers tailor each trust to your unique needs—whether funding education, supporting vulnerable family members, or protecting assets from creditors.
Beyond drafting trust documents, we advise on loan documentation and can manage trust assets if needed.
Setting up a trust isn’t just about securing wealth; it’s about building stability for those who matter most.
Explore Types of Trusts with RG Law
Discretionary Trusts
Under this type of trust, the trustees can decide how the trust will be managed in terms of how the income and/ or capital will be used. The trustee(s) can make decisions regarding how much is paid, how often and if there are any restrictions on the beneficiaries.
Deed of Trust/Declaration of Trust
A deed of trust is a legally binding document that outlines the monies paid and in what proportions to purchase a property. It is important to decide whether you are tenants in common or joint tenants when you purchase a property with another person.
Bare Trusts
Assets that are held in a bare trust are in the name of the trustees until the beneficiary is 18 years of age. This type of trust is designed to hold assets in trust until the beneficiary is old enough to take control.
Interest in Possession Trusts
This type of trust requires the trustee to transfer the income generated by the trust to the beneficiary. The capital in the trust may not be for the named beneficiary benefiting from the trust's income. Depending on how the trust has been drawn up, the capital, i.e., shares, could be passed to someone else.
Considerations when setting up a trust:
A trust can play a supportive role in looking after the assets inherited by your children and or grandchildren until they can take complete control of the assets they have inherited.
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Property protection Trust
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Parental trust for children
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Trusts and income tax
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Trusts for vulnerable people
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Trusts and inheritance tax
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Accumulation trusts
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Mixed trusts
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Settlor-interested trusts
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Non-resident trusts
Joint tenants and tenants in common:
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Joint tenants means that the property is owned by both of you
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Tenants in common means that you own a share of the property, which could relate to the amount of money invested and, therefore could be in unequal portions. If you are a joint tenant, your share of the property will pass to the other property owner should you die. If you are tenants in common, then you could ensure that your share of the property is left to whomever you wish.
Frequently Asked Questions on Trusts
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What are the risks of setting up a trust?
Trusts can involve management complexities, tax implications, limited flexibility, and possible conflicts among beneficiaries over asset distribution. -
How are beneficiary-trustee disputes resolved?
Legal advice can help mediate or litigate disputes, ensuring fair treatment and preserving the trust’s integrity. -
Can a trust be changed or dissolved?
Yes, with agreement from trustees and beneficiaries, or under certain conditions without full consent. -
What are a trustee’s obligations?
Trustees must responsibly manage assets, act in beneficiaries' best interests, follow instructions, and keep accurate records. -
Any special considerations for international trusts?
Yes, they require attention to tax laws, legal systems, and currency fluctuations for assets and beneficiaries involved.
"As the old saying goes, 'Failing to plan is planning to fail.' And there's no room for error when protecting your assets and ensuring they're distributed as per your wishes after you're gone. That's where having a will comes into play – and not just any will but one drafted by a specialist wills lawyer.
We delve into why having a will is crucial, what could go wrong if you don't have one, and the role of a qualified lawyer or solicitor in this process. We'll also explore the risks associated with DIY wills and the importance of secure storage for your valuable documents"
Navigating the world of legal documents can feel like trying to decipher an alien language. But when it comes to safeguarding your future, understanding lasting power of attorney (LPA) is crucial. Our wills and probate lawyers are experts and can provide advice that can make all the difference to your and your family's future.
This legal document allows you to appoint someone you trust to make decisions on your behalf should you lose mental capacity in the future.
Probate is the process of dealing with the estate of someone who has died. A Grant of Representation is required to give you the legal right to deal with the deceased’s assets.
An asset can be anything from a gold watch to a property if there is a property to be sold to enable the distribution of liquid assets among beneficiaries. A grant of probate is required, granting you the legal authority to proceed with the property sale.
"When you purchase a property with another person, you can hold it in one of two ways: as tenants in common or as joint tenants. While both options have their own advantages, joint tenancy can be particularly beneficial when it comes to estate planning.
However, if you're considering severing a joint tenancy due to a relationship breakdown or for tax purposes, there are important legal considerations to keep in mind before you serve a notice of severance. This is where RG Law comes in"
Inheritance tax is an important topic for anyone who may be receiving an inheritance in the future.
Whether the inheritance is coming from a spouse or civil partner, family member, or life insurance policy, it is essential to understand how much you may have to pay and what exemptions are available regarding inheritance tax.
In all cases, a lawyer or solicitor specialising in this area of law is the key to getting the best advice.
There may come a time in our lives when we lack the capacity to make decisions for ourselves, maybe due to an unexpected illness, accident, disability or dementia. This is where your lasting power of attorney (LPA) provides you peace of mind; like your car insurance, it's in the drawer, and you hope your loved ones will never have to use it.
However, if you are seeking help, support and advice on how you are going to help a friend or family member by becoming a deputy for them because they do not have an LPA in place, we can advise on a possible Court of Protection Deputyship.