Trusts can be used for a number of purposes such as tax planning and the protection of assets and family members. We can advise and assist on the creation of settlements, either during your lifetime or in your Will. We are also experienced in dealing with the ongoing administration and running of Trusts.
It’s a common misconception that trusts are the exclusive preserve of the wealthy. Trusts are often a useful means of providing for your loved ones and dependants. A trust can be a flexible and effective way to make a gift. However, we also know that they can be complex, time consuming to set up and manage, and can also be costly, so we can help you decide whether setting up a trust is the appropriate option for you.
Setting it up
Trusts are a viable option when you wish to protect your property and assets, ensuring that money is set aside and made available to those you want to benefit under certain circumstances. You can set one up during your lifetime or put one in your Will so that it takes effect on your death. Trusts are also relevant for tax planning, protecting assets if a surviving spouse goes into local authority care, providing for a disabled dependant or for your children to have access to, once they are able to make responsible decisions about their finances.
At Vyman Solicitors, our lawyers can help you set up a trust to protect and control your family’s assets and to pass property or money onto chosen individuals during your lifetime. We can guide you through the variety of family trusts available and advise you on the tax implications of each option. We also guide you through choosing beneficiaries and appointing appropriate trustees to manage your trust and give you the tools to manage your trust if you choose to appoint yourself as a trustee.