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Setting up a Trust

Setting up a Trust Nottingham, Derby & Sheffield


What is a Trust?

A Trust is a way of managing assets (money, investments, land or buildings) for people. There are different types of Trusts and they are taxed differently.

Trusts are an excellent way of protecting Business Assets for beneficiaries, including family members. This is also an ideal way of utilising Business Property Relief and reducing Inheritance Tax.

If you want to discuss this with us, please contact us on 0800 689 0923 or email info@njlegalservices.co.uk

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What is a Trust used for?

Trusts are set up for a number of reasons, including:

  • to control and protect family assets
  • when someone’s too young to handle their affairs
  • when someone cannot handle their affairs because they’re incapacitated
  • to pass on assets while you’re still alive
  • to pass on assets when you die (a ‘Will Trust’)
  • if a Beneficiary has an addiction problem or cannot be trusted to use the inheritance wisely, the Trustees can manage this for the intending Beneficiary whilst protecting their inheritance

What does a Trust involve?

A trust is an arrangement were a trustee holds assets on behalf of a beneficiary or beneficiaries. Trusts can specify exactly how and when the assets will pass to the beneficiaries.

The ‘Settlor’

The Settlor decides how the assets in a Trust should be used – this is usually set out in a document called the ‘Trust deed’. Sometimes the Settlor can also benefit from the assets in a Trust – this is called a ‘settlor-interested’ Trust and has special tax rules.

The ‘Trustee’

The Trustee deals with the assets according to the settlor’s wishes, as set out in the trust deed or their will. They also manage the trust on a day-to-day basis and pay any tax due.

A Trustee will also decide how to invest or use the Trust’s assets, if needed. If the Trustees change, the Trust can still continue, but there always has to be at least one Trustee.

The ‘Beneficiary’

There might be more than one Beneficiary, like a whole family or defined group of people. They may benefit from;

  • The income of a Trust only – for example from renting out a house held in a Trust
  • The capital only – for example getting shares held in a Trust when they reach a certain age or both the income and capital of the Trust

Property Protection Trusts

This is a very important area to consider when deciding on making your Will.

This type of Trust can only be created when both partners are both still alive.

Property Protection Trusts

Discretionary Trusts

A Discretionary Trust is an ideal way to protect Assets for the future.

By ring fencing investments, property, business assets and other valuable items, you can provide benefits for loved ones and future generations.

Discretionary Trusts

Disabled Trusts

A Disabled Trust offers a solution to meet the needs of someone who is the beneficiary of funds, but also enjoys a regular state benefit for the disability that he or she may have.

Disabled Trusts

Read our latest Reviews

We are very proud to have such nice comments from our clients. To see all our client reviews, go to our Review page.

Reviews

 

5
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5 out of 5 stars (based on 24 reviews)
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5.0 rating

April-Dawn Martin – Nigel Johnson has been extremely helpful, honest, thoughtful with my personal details & thoroughly professional with regards to our Will. Along with other details I felt totally at ease & he has come across as extremely trustworthy, & really cared about us. He has made me feel like I’m his only Client, so thank you so much Nigel for caring enough to deal with us.

5.0 rating

Doreen – Nigel came to our house as my mum needed to make a new will. He was very professional but at the same time was friendly and easy going and that instantly put my mum at ease. He explained everything really well and l don’t think l could have found anyone better.
Thank you Nigel

5.0 rating

Stephen Taylor-Edwards – Excellent service. Did exactly as promised when promised and very reasonable price. Recommend without hesitation.


Why Choose Us?

We have over ten years’ experience in this important area and you will find that we work to a strict code of conduct with both compliance and a client’s charter in place.

A duty of care to our clients is our number one priority, which means that we are only satisfied when our clients are more than satisfied with the work that we have produced for them.

We find that clients often thank us for explaining important points and procedures that they were not only unaware of, but others failed to point out to them.

We are qualified to give you the best advice and service, we also offer a free no-obligation discussion – at at time and place to suit you.  We have ELITE PROstatus on Bark and have been recognised for our good services.

 

0800 689 0923

info@njlegalservices.co.uk

Availability:
9 am – 9 pm Monday to Friday
9 am – 12:30 pm on Saturdays

We will return emergency calls on Sundays.

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