What is a Trust
A trust in your will is one of the best ways to look after your loved ones after you are gone. A trust can be left to anyone you believe will need it such as family, friends or any other trusted associates and which assets they receive will be based purely on your decision. A trust can leave finances, property, business shares and land to any intended recipient for a multitude of reasons.
What a Trust can do for You
Typically, a trust is set up for the benefit of your family and assurance that they will receive their rightful inherited assets without worrying too much about fees and inheritance tax. In most cases, trusts that contain money are often intended for the departed’s children. If they are too young to receive a significant amount, you can request the funds to be realised on a certain date when you believe they will be ready and responsible. A property trust, as its name suggests, ensures that buildings or lands go to friends or family who can use them, sell them or maintain them for others. In some cases, a sizeable property can be split between multiple beneficiaries if there are siblings involved. Commonly, situations like this result in the property being sold on the market and the profits divided between all subjects. This usually happens when there is a conflict of interest or the property is of no use to any of the beneficiaries.
Types of Trusts
There are multiple forms of trusts that can be set up for various reasons, whichever you choose can determine what responsibilities, powers and tax the trustee will inherit.
A bare trust, for example, can be created to pass all assets onto the intended beneficiary through a trustee who, in this trust, will have no legal control over the estate. This is particularly useful for young individuals who may need to reach a certain age before acquiring their inheritance.
Interest in possession trusts are implemented when the beneficiary has a right to any income that is legally required to be passed down by the trustee, in short, there is no established date for when financial assets can be obtained.
In a discretionary trust, the appointed trustee is granted more legal control over your estate, they will have rights to divide and distribute assets to beneficiaries they deem deserving of them after you have passed.
In some cases, a mixed trust can be applied to your will, This involves multiple trusts to be initiated and is often established when more than one trustee is appointed to handle your estate under specific tax laws.
Find Will Writers in Leeds
For cases that require professional legal support, visit Whiterose Blackmans Solicitors LLP. Based in Leeds, our dedicated team of solicitors are here to oversee any case related to family, divorce, criminal defence, immigration, claims, civil litigation, commercial litigation and, of course, wills and probate. For further information on wills solicitors in Leeds, please contact us by phone (0113 2165507), email or visit us on Facebook, Twitter and LinkedIn. Also, remember to read our reviews at Review Solicitors.
Our wills and probate services include:
- Preparation Of Wills, Trusts & Deeds
- UK & International Probate
- Court of Protection Applications
- Applications to the High Court
- Claims under the Inheritance (Provision for Family and Dependants) Act 1975.
- Reviewing and Amending Existing Wills
- Executorship Disputes
- Challenges to Wills
- Interpretation of Wills
- Lasting Powers Of Attorney (LPA)
- Claims on behalf of beneficiaries
- Inheritance Tax Planning
Why should you make a will?
There are many reasons why making a Will is important and ensuring it is up-to-date. These include:
- -If your financial situation changes significantly
- -If your circumstances change for example you get married, become a parents or get divorced
- -Where you want to find ways to protect assets from inheritance tax through creating of trusts etc.
- -If you need to make provision for a vulnerable relative
- -To ensure that your estate is divided according to your wishes
Get in touch to discuss your Will
Our solicitors in Leeds are on hand to help you with changing your existing will or creating a new will, probate and estate and tax planning. Contact us today.