Setting up a Discretionary Trust
A Discretionary Trust is an ideal way to protect Assets for the future by ring fencing investments, property, business assets and other valuable items and providing benefits for loved ones and future generations.
Many considerations need to be taken into account before the correct advice can be given and although these offer many benefits for most people, each individuals tax and wealth needs to be looked at carefully before the best advice can be given.
If you would like to set up a Discretionary Trust, we cover across Nottingham, Derby, Sheffield, the Midlands, the South and beyond – get in touch for advice.
HMRC do keep an eye on these Trusts and therefore they can be subject to completing annual returns or a 10 year periodic charge.
A Discretionary Trust can still be an excellent instrument when used in the right circumstances.
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What is a Discretionary Trust?
A Discretionary Trust gives a lot of flexibility to the appointed Trustees for making decisions on behalf of the beneficiaries nominated within the Trust.
These types of Trusts can ring fence money or Property or both. They can be set up immediately or by Will to trigger after death.
Give us a call to discuss setting up a Discretionary Trust on 0800 689 0923.
The very word Discretionary gives the Trust flexibility to provide capital or income or both for potential beneficiaries and is run by appointed Trustees. These trustees should be a maximum of four and a minimum of two.
They are appointed to run the Trust provide the benefits from the terms of the Trust and these Trustees should also be guided by an expression of wishes that the Testator draws up and these should be taken into consideration when making decisions.
These help to guide the Trustees in making these appropriate decisions in line with the Testators wishes.
The Trustees are also responsible for the administration of the Trust and complete any relevant Tax returns. It is therefore important that Trustees can work well together in the interest of the beneficiaries.
The new residents Nil rate band allowance should be considered when looking to put a Discretionary Trust in place, because depending on individual circumstances the Trust may not be appropriate in certain situations.
Despite this if appropriate then the Trust can provide an ideal solution to a person wishing to have loved ones benefit with people charged with overseeing the way this is processed.
In more complex situations professional Trustees should be considered.
Joanne Lamb – The will service was personal, professional, prompt and of excellent quality. I feel I have successfully secured my wishes and protected those dearest to me in the event of my passing. Absolutely worth the investment. Thank you Nigel.
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.
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
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