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Trusts can be a beneficial way of managing your estate for the future and ensuring that your assets are passed on exactly as you wish and in the most tax-efficient way possible. Our trust solicitors can provide outstanding advice and guidance.
At Glanvilles Solicitors, our team have a wealth of experience, having assisted clients from all walks of life through setting up and managing trusts.
Our team specialise in all types of trust matters, including both straightforward and complex cases, for example, where disputes have arisen between fellow trustees or trustees and beneficiaries. No matter the assistance you need, our team are available to provide a helping hand, ensuring your every need is met.
Our solicitors can provide advice and guidance with trust services, including:
Should you choose to instruct our trust solicitors, our team will take the time to carefully understand your trust requirements. At Glanvilles Solicitors, our team will offer clear advice and practical guidance in plain English that is tailored to your needs.
When you choose to instruct a solicitor for your trust matter, they will be responsible for providing clear legal advice on the types of trusts available, as well as the benefits and limitations they can provide. A trust solicitor can further assist with drafting a sound trust document that appoints beneficiaries and trustees, in addition to stating the terms of the trust and what assets are included. They will assist with registering the trust with the UK trusts register.
Other trust matters a solicitor is able to provide include advice to trustees responsible for managing the trust, as well as any types of disputes relating to the trust and those involved.
When setting up a trust, there is no legal requirement to have the assistance of a solicitor, but to ensure that everything is correctly done, including the wording of the document, and to ensure that you have effective legal advice, the advice and assistance of a solicitor can prove highly beneficial.
Yes, a solicitor can act as a professional trustee in the UK. This can be done alone or in a group of trustees.
The cost of a trust entirely depends on your circumstances and the complexity of the matter, particularly with concern to how much legal advice and support you require from a solicitor.
For more information on our trust services, see our pricing page or speak to a member of our team today.
There are both benefits and limitations to putting a property into a trust. For example, a benefit of putting your property into a trust is reducing or avoiding inheritance tax. However, limitations include loss of control.
In the UK, there are three types of trusts, these are:
Living trusts – A living trust or sometimes known as a revocable trust, is often put in place to protect assets during a person’s lifetime. The settlor of the trust is often the named trustee.
A living trust can be amended after the trust has been created.
Irrevocable trusts – An irrevocable trust is one that is unable to be changed once it has been put in place except in very limited circumstances.
Testamentary trusts – A testamentary trust is one that has been established only to come into play when the settlor has passed away. The details of it will be contained within the Will, including who the trustees and beneficiaries are.
Despite there being many benefits to setting up trusts, there are also several limitations to take into consideration. Examples of these limitations include:
Cost – The process of establishing a trust and getting legal assistance for managing one can be costly, particularly in circumstances where the matters surrounding the trust are complex.
Loss of control of the assets – Once assets have been placed into a trust by the settlor, they no longer have any control over the assets. Until the beneficiary receives the assets from the trust, the trustee is the legal owner.
Difficult to make amendments to the deed – Once a trust deed is in place, it can be a complicated process should you wish to make any amendments to the deed.
Should you wish to set up a trust, the best person to assist you with doing so is an experienced solicitor. They will be able to provide you with effective advice that meets your requirements and ensures that the process is efficiently done from start to finish so that it does not implicate you or your loved ones.
At Glanvilles Solicitors, our lawyers have years of experience and skill in guiding clients through protecting their wealth and planning for the future by setting up a sound trust.
Our solicitors can provide sensible advice and practical guidance, removing any uncertainties. We will walk you through the process of setting up a trust, including selecting the most appropriate trust. Our team will ensure the process is as straightforward as possible.
Our team of trusts experts at Glanvilles can offer the following:
When you use our trust service, we promise: