A Trust provides the ability to retain control over assets and flexibility as to who ultimately will benefit. Trustees are appointed to hold assets such as cash, investments or land on behalf of the beneficiaries. There are different types of trusts and the terms of the particular trust will specify when the beneficiaries will receive anything. Trusts can be created during your lifetime or in your Will to take effect on your death.
Trusts within Wills may be appropriate to make Inheritance Tax savings, to make provision for young children or for surviving spouses / civil partners, for example where there are children from a first marriage or earlier relationship, ensuring that on the survivor’s death the assets will pass to the right children.
Trusts can also be put in place during your lifetime as part of Inheritance Tax planning or protection for young children or vulnerable family members.
As part of estate & succession planning it may be appropriate for life policies or pension death benefits to be transferred into a trust. We can advise on all aspects of trusts, including their creation, on-going administration, tax implications, changes to existing trusts, the rights of beneficiaries and bringing trusts to an end.
For further information or advice, please contact Alison Hall on 0191 232 8345 or email Alison.Hall@hay-kilner.co.uk
Alison Hall
Alice Clewes
Nicola Matthews
Richard Marshall
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Tom Bridge
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