Trust Law Solicitors at Farnworth Rose
During any estate planning, it is often advised to consider the use of trusts. This is especially true if you have dependents you are seeking to provide for.
At Farnworth Rose, our experienced estate planning solicitors can discuss your needs with you, providing advice on guidance on the options available to you.
Your solicitors will be available to offer specialist tax-efficient advice on creating and administering your trust.
To talk to one of our specialist solicitors today, call Farnworth Rose on 01282 695 400.
Setting up a trust
Setting up a trust allows you to manage assets such as money, investments or property, for you, your family or anyone else you would like to benefit.
When assets are placed in a trust, they are under the control of a person or persons called ‘trustees’ who you will appoint. Your trustees will be responsible for managing the trusts according to your instructions, even after your death.
There are a number of reasons to set up a trust including:
- Passing assets on to your loved ones
- Funding the education of your children or grandchildren
- Providing for children and partners from different relationships
- Reducing inheritance tax payments
- Protecting assets from creditors or divorcing partners.
Trusts can be set up when making a Will and will usually fall into one of the following categories:
- Bare Trusts – this is where Trustees look after the assets for someone who is entitled to them.
- Discretionary Trusts – in this case a group of potential beneficiaries and the Trustees have the power to decide on the ultimate distribution within that group.
- Life Interest Trusts – this is where the beneficiary or beneficiaries receive the income, interest or right to benefit from the assets but cannot use capital which is protected for a different beneficiary or beneficiaries.
- Trusts for children – here, assets are held for children who have not reached the age at which they are able to receive all of the capital put aside for them.
Why choose Farnworth Rose when setting up a Trust?
Here at Farnworth Rose, we understand that every person’s estate planning needs are unique. Our solicitors will spend time working with you to understand your individual needs before providing advice tailored to you.