What is a Trust?
A Trust is a legally binding document that guarantees certain people receive specific things when you die. This can include property, land or money.
- Settler – the person who sets up the Trust
- Trustees – the people managing your Trust
- Beneficiaries – the people who benefit from your Trust
There are many different types of Trust that you can set up depending on who you want to leave your assets to and how.
At Temperley Taylor, we’ll make sure that the Trust you choose is right for you and your circumstances. That way, you’ll be safe in the knowledge that the beneficiaries benefit in the way you want.
To find out more or set up a Trust call our Middleton office today on 0161 643 2411, or our Heywood office on 01706 623 511. Or, just fill out our online enquiry form and we’ll be in touch.
What are the benefits of setting up a Trust?
Setting up a Trust is a great way to leave a certain thing or sum behind for a special person. This could be a percentage of your estate or a family heirloom. The icing on the cake is that setting up a trust can also significantly reduce your inheritance tax liability.
Setting up a Trust can be quite complicated. After all, you’re legally guaranteeing your personal possessions. That’s where we come in. Our expert solicitors can help you leave that special someone a special something – and, we’ll always do it with your wishes in mind.
- Setting up a Trust can help to:
- Protect your assets – so they cannot be used to pay for care homes fees
- Provide financial stability for your loved ones
- Help to avoid inheritance tax – ensuring your money, shares, and property are passed on in the most tax efficient way
Types of Trusts you can apply for
The beneficiaries are named and how much each person gets is clearly shown.
• Interest in Possession
The beneficiary can use the asset but it must pass on to another named beneficiary when they die. For example your spouse can use your estate when you die, but they’ll have to pass it on to your children (or anyone else you state) when they die.
The beneficiaries are named but the trustees can decide how much of your estate they can give to each one.
• Disabled beneficiaries
This offers special tax exemption for beneficiaries who are disabled.