Solicitors Specialising In Trusts Near Me: Do I Need One?
Will trusts hold assets on behalf of beneficiaries – often children who aren’t old enough to inherit. For this and other reasons, a trust can be a smart plan for your family’s future. But a quick search for “solicitors specialising in trusts near me” shouldn’t be the way you go about creating one.
This is because a trust can be a complex legal structure. It can be used in tax planning, to ensure you and the beneficiaries of your will pay only the required amount of tax. A trust can also provide for children from previous relationships or ensure your estate doesn’t suffer if you need care in future.
Reach out to Birch & Co’s specialist and supportive team today. Call us on 0191 284 5030 or complete a Free Online Enquiry now to get a bespoke fixed price estimate.
“I cannot fault the professionalism and helpfulness throughout what has been a difficult time. I would not hesitate to use your services again and would recommend you to others.” (Mrs Surtees)
All in all, this is something that should be put into place with expert advice and support. Solicitors specialising in wills and trusts are just the professionals to turn to if you are considering creating a trust. Here is more information about why you might do just that:
What Is A Trust Will?
A trust will is a specific type of legal structure that you can add to your will. This structure is designed to protect your assets on behalf of your loved ones. It links together:
- Trustees, who manage assets (often, bank accounts) on behalf of…
- Beneficiaries, who are nominated in the will as benefiting from it
The trustees responsible for administering a trust must act in the interests of the beneficiaries. To do this, they will have specific ongoing duties and responsibilities.
If you have assets of any appreciable size, it is well worth talking to your will solicitor about the possibility of creating a trust.
How Do Trust Wills Work?
When you make a normal will, you name the individuals to whom you would like to distribute your estate (your worldly possessions, property, shares, money in bank accounts, and other assets). After you pass away, those individuals receive their inheritance through the process of probate.
A trust is the tool to use if you do not want your estate to go to the beneficiaries right away. There are several circumstances where this would be necessary and many others where it would simply be very beneficial.
Why Would I Create A Trust Will?
There are several reasons why you might consider creating a trust:
- You want someone under the age of 18 to be a beneficiary of your will
- You want a chosen beneficiary not to inherit until they reach a certain age (such as 21)
- Your chosen beneficiary is disabled or vulnerable
- You want to leave something to children from a previous relationship
- You want to ensure that your estate impacted as minimally as possible by taxes
A trust may also be created under the rules of intestacy, such as when the person who should legally be the beneficiary of an estate is too young to receive their inheritance.
The Benefits Of Creating A Trust Will
There are many reasons why you might want to delay or protect the payment to a beneficiary of your will.
Beneficiary age is among the most common concerns, with trusts set up to protect those who are too young to know how to manage their affairs. In some cases, you may believe a beneficiary is not mature enough to manage their finances even if they are technically old enough.
The other benefit is often tax-related. However, you must get trusted professional advice to ensure you are using the right structures for the right reasons and that all of your legal tax obligations are met.
What Types Of Trust Will Are There?
Several different types of trust wills may be beneficial for your particular circumstances:
- Property trust will – protective property trusts place any property you own in a trust to safeguard its value and ensure you choose who gets to benefit from your share in its ownership were you to predecease your partner and they were to remarry.
- Life interest trust will – these work much the same as property trusts, but you can put almost any asset into them. Again, the primary benefits are in protecting the value of those assets for the future and ensuring any future marriages do not invalidate your current will.
- Discretionary trust will – are designed to protect beneficiaries who may be vulnerable.
Do Solicitors Deal With Trusts?
The specialist team at Birch & Co are experts in dealing with trusts and very used to discussing sensitive topics like your plans for yourself and your family.
Don’t leave it to a last-minute search for “solicitors specialising in wills and trusts near me”. Reach out to our experts to benefit from a supportive, professional service with a 5-star Google rating that’s recommended by 99% of our clients.
Get the guidance you need on any aspect of trusts today from our highly experienced specialists.
Reach out to Birch & Co’s specialist and supportive team today. Call us on 0191 284 5030 or complete a Free Online Enquiry now to get a bespoke fixed price estimate.
“I would definitely recommend you to others – Thank you very much” (Mr Laskey)