- Do I need to plan my estate if I don’t have children? - The importance of a Will and planning for the future is often discussed when you have children, but if you do not have children, do you still need to plan your estate?
- No fault divorce - The current divorce law, which has been in place for almost 50 years, requires couples looking to divorce without two years of separation to file for a ‘fault-based’ divorce.
Trusts were originally used by families to safeguard their capital wealth for future generations, whilst enabling family members to benefit from the income.
Nowadays, trusts are widely used by everyday families and individuals for tax planning, but have many other uses.
A trust can be set up during a person’s lifetime, or on their death in their Will. Trusts can provide for a wide variety of situations:
- For the benefit of children, grandchildren and great grandchildren
- To protect against spendthrift beneficiaries
- To provide security for dependents
- Tax planning reasons
- To receive pension payments and death in-service payments
- To allow property to be held for successive generations
- Charitable purposes
Our trust service includes:
- Advice on lifetime settlements, including income in possession trusts (IIP) and the various discretionary trusts (DT) and relevant property trusts (RPT), their formation and administration, together with their merits and disadvantages
- Advice on tax in connection with the setting up of trusts e.g. mitigation of inheritance tax, capital gains tax and income tax
- Administration of trusts, including preparation of trust tax returns (together with assistance with routine personal tax affairs)
Our Private Client team, some of whom are members of the Society of Trust and Estate Practitioners (STEP) and Solicitors for the Elderly (SFE), are able to provide you with specialist advice as to the best way to help you.