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Trusts are a powerful tool for managing your wealth and assets, allowing you to provide for your family and loved ones.
However, choosing the right trust for your needs and setting it up correctly can be complex. At Hanson Woods Solicitors, we are here to make things simple.
When you create a trust, you transfer assets to someone (the trustee) who will look after them for the person you want those assets to benefit (the beneficiary). The trustee must manage the assets according to your instructions and in line with the beneficiary’s best interests. You might use a trust if the person you wish to benefit is:
● too young to handle their own financial affairs● an older person who is unable to make their own financial decisions● permanently disabled and without financial autonomy
However, you can use a trust to benefit anyone you choose.
Trusts Solicitors assisting clients in Essex & East London
Ask us for advice on the right trust for you.
Trusts are versatile and have a variety of potential purposes, including:
● looking after assets for your children or grandchildren● providing for children and partners from previous relationships● minimising Inheritance Tax payments● preserving assets in a divorce, from creditors, or if your spouse goes into long-term care after your death● benefiting vulnerable loved ones
How does a lifetime trust differ from a Will trust?
Setting up a trust in your Will can give you more control over your assets than you would if you simply gave them away. A lifetime (or living) trust can do the same job, but unlike a Will trust, which is created on your death, a lifetime trust is established immediately.
Therefore, a considerable benefit of a lifetime trust is that assets placed in it do not need to pass through probate. Avoiding this process can save your heirs time and money, as well as maintain their privacy.
We make it easy to provide for your loved ones
Trusts offer many benefits but they can also be complicated. Deciding on the type of trust you need, its wording and the right trustee can be daunting. It can also prove emotional. Hanson Woods Solicitors knowledgeable team will work with you to establish your precise requirements, on both a practical and emotive level, and help you to create a trust that is right for you and your situation.
We pride ourselves on being attentive to our clients and their select needs. We spend time getting to know you and your wishes so that we can provide a personalised, supportive service.