Trusts

Planning for the future is an important step in securing your legacy and protecting your assets for loved ones. At DTM Legal, our Trusts team offers practical advice to help you establish, manage, and benefit from trusts in a way that aligns with your personal and financial goals.

Whether you are looking to safeguard wealth for future generations, mitigate tax liabilities, or protect vulnerable family members, our team is here to guide you every step of the way, acting as your trusted legal partners.

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What is a Trust?

A trust is a legal arrangement where one or more individuals, known as trustees, hold and manage assets on behalf of others, known as beneficiaries. Trusts can be established for various purposes, including:

• Inheritance planning: To ensure wealth is passed down efficiently to future generations.
• Tax efficiency: To minimise Inheritance Tax and other financial liabilities.
• Asset protection: To shield assets from potential risks, such as divorce or risk of bankruptcy.
• Care provision: To support vulnerable individuals who may not be able to manage their own finances at all or effectively.

Trusts are highly versatile and can be tailored to meet specific needs, offering a flexible way to structure your financial arrangements for the future.

The Role of a Solicitor in Trusts

Establishing and managing a trust requires expert legal guidance, ensuring the needs of the beneficiaries are best served. Our Solicitors provide:

• Trust establishment advice: Helping you select the most appropriate type of trust for your circumstances.
• Drafting trust deeds: Creating robust documentation to ensure your trust is legally sound and aligned with your wishes.
• Ongoing management support: Assisting trustees with the administration of trusts, including tax compliance and reporting obligations.
• Dispute resolution: Advising on resolving disputes between trustees and beneficiaries or other related parties.

At DTM Legal, we take the time to understand your unique needs, offering clear, expert advice to give you peace of mind.

Frequently Asked Questions

What types of trusts are there?
Common types include discretionary trusts, life interest trusts, bare trusts, and trusts for vulnerable persons. Each has different implications for tax and asset control.

Do I need a Solicitor to set up a trust?
While it is possible to create a trust without a Solicitor, the legal and tax implications can be complex. Professional advice ensures your trust is legally valid and effective.

Can a trust reduce Inheritance Tax?
Yes, trusts can be used to manage Inheritance Tax liabilities. Our team can provide tailored advice to maximise tax efficiency.

What are the responsibilities of a trustee?
Trustees are responsible for managing the trust’s assets, ensuring compliance with legal requirements, and acting in the best interests of the beneficiaries.

Considerations Before Speaking to a Trusts Solicitor

Before your consultation, consider the following:

• Your objectives: What do you hope to achieve with a trust (e.g., tax planning, asset protection, supporting loved ones)?
• Assets to include: List the assets you wish to place in the trust, such as property, investments, or cash.
• Beneficiaries: Identify who will benefit from the trust and how you want the assets to be distributed.
• Trustees: Decide who you would like to manage the trust on your behalf.

Being clear on these points will help our team provide focused and practical advice tailored to your situation.

Contact Us

Take the first step towards protecting your future and that of your loved ones. Contact Heather Lally, Partner in our Trusts and Estates team, by calling 01244 354822 or via email at heather.lally@dtmlegal.com. Our team is ready to guide you through the process with expert advice and compassionate support.