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.
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.
We offer a free, no obligation consultation at a time to suit you, to discuss your needs.
You can always email us directly at firstname.lastname@example.org with any questions you have about our services.
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Consultations at a time to suit you
Estate Planning Consultant
STEP Registered & IPW Member
As meetings in person can be difficult with the current climate, we provide consultations over the phone and through video calls.
Contact us to book an appointment.
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.
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Mr Fred Spencer – A friend of mine sent me the document written by Nigel, which was mainly about reducing the care fees that may be charged by our local council if either myself, or my wife needed to go into care. I found the document to be very informative and easy to understand. I then decided to talk to Nigel about what we may need to do in terms of our own Estate planning. Within minutes of talking to Nigel, he made me feel that he really had our interests at heart and he gave me quite a bit of free advice. As a result of this advice, we decided to commission NJ Legal Services to draw up new wills for us both and to change the ownership details of our property with the Land Registry. I would not hesitate to recommend NJ Legal Services and obviously, Nigel in particular, to friends and family. A truly easy and friendly experience.
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