A trust is a legal arrangement where someone is appointed to look after assets for someone else (the beneficiary). These assets can be anything from money or property, to shares and investments.
There are many benefits to putting something in trust, such as lessening the future tax for the beneficiary, and leaving as much as possible to your loved ones. Furthermore, trusts can be used to protect your wealth and assets for generations in the future, as well as being an effective way to manage assets on behalf of someone who cannot manage them on their own – such as young people, or the mentally or physically vulnerable.
Trusts are a great thing to consider when planning your assets, however, they require specialist knowledge and expert supervision to ensure full legal compliance and protection. At RRK Legal, we make the trust process run as smoothly as possible for you, so that you have full access to all of the benefits that having a trust can give you.
At RRK Legal, our skilled and experienced estate planners are renowned for providing clear, concise and tailored advice on creating and managing trusts. Whatever your situation, get in touch with the RRK Legal team today to find out about the best estate plan for your needs.
We know that the thought of creating a trust can be intimidating, and it can be difficult to think about what might lie ahead. The RRK Legal team is here to help you plan for the future in the easiest way possible, with expert trust creation and management services to suit your unique situation.
Our trust service is easy to navigate and understand, without confusing jargon or a need for a pre-existing understanding of how trusts work. You can trust our team to identify the most suitable trust or estate planning solution for you, and provide alternative solutions if a trust doesn’t meet your needs. For trust creation, we offer a reasonable rate with fixed fees, so you know exactly what the process will cost you before we begin.
Protective Property Trusts are put in place to protect your property from long-term care assessment and fees, in addition to ensuring that your children benefit from the value of your share of the property upon your passing. This type of trust is commonly used if you want your surviving spouse to remain living in your family home, without the financial consequences of your spouse remarrying and your children losing out on your estate in the future. In UK law, 50% of the value of your home can be taken to pay for long-term care fees, so whilst this trust cannot be put in place solely for this reason, it’s a legal structure that provides many benefits to couples.
A Discretionary Trust is useful for unmarried couples who are not able to claim unused inheritance tax allowance on their first partner’s death, allowing assets to be managed by a trustee who can decide how they will be distributed further. This type of trust can bring significant cost savings and maximise inheritance tax allowances, whilst providing additional protection against sideways disinheritance and to provide for loved ones with disabilities.
A Family Protection Trust is a safe place for you to place your properties, savings, stocks and shares, life insurance, and other assets that need to be kept safe. While alive you are still allowed full use of everything contained within the trust, and can add to it and replace things at your leisure. The main purpose of a Family Protection Trust is to give you the peace of mind that your wishes are seen to and that your family will be provided for, avoiding the need for lengthy and expensive probate, preventing sideways disinheritance, and reducing inheritance tax issues.
Flexible Life Interest Trusts allow for a person to benefit immediately upon your death through an income provided through the trust, whilst protecting the value of the assets for others. Most commonly used when you have married for a second time with children from your first marriage, a FLIT ensures that everyone in the family can be protected with the assets in the trust. Rather than assets being passed immediately on, the trust provides an ongoing income in addition to other allowances made for the survivor to occupy a property in the estate during their lifetime.
Including the creation of a Protective Property Trust, 2 x Health & Welfare LPA and 2 x Financial Affairs LPA
Including the creation of a Flexible Life Interest Trust, 2 x Health & Welfare LPA and 2 x Financial Affairs LPA
Including the creation of a Family Protection Trust, Health & Welfare LPA and Financial Affairs LPA
Including the creation of a Family Protection Trust, 2 x Health & Welfare LPA and 2 x Financial Affairs LPA