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.
Call us on 0800 689 0923
We offer a free, no obligation home visit at a time to suit you, to discuss your needs. Contact us today.
Request a call back
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.
Keith Hawley – This service was a gem we did everything on line fast and trouble free everything in plain English easy to understand the introduction booklet Nigel has produced was most helpful especially the information about Lasting Power Of Attorney saved me a fortune.
Nisita Vadher – We found NJ legal services online when we were searching for a solicitor to write out a will for my parents. I received a call back within a couple of hours of requesting this service. Nigel was incredibly helpful and explained the procedure in great detail. We were unsure of how this process worked and he had made sure to break down the process for us making it very simple and easy to understand. All of our questions were answered for us and the process took no longer than 1 hour! We are incredibly happy with the service that we have received and will definitely be recommending NJ Legal services to all our family and friends. Thank you very much Nigel.
Mrs V Billing – Nigel Johnson is the most professional and helpful friendly solicitor I have ever had the privilege too speak with. We have been in contact by phone and letters over the last few weeks sorting out my husband and my wills etc. If you have any queries he is just a phone call away and has a lot of patience, explaining things thoroughly. Excellent service highly recommended.
Sharon – Nigel is very knowledgeable and helpful, nothing is too much trouble and we even had advice after office hours! I have no hesitation in recommending NJ Legal Services and will use them again in the future.
See all our reviews.