Trust Solicitors based in Durham
While many assume it is, a trust isn’t just for the wealthy. It’s the formal transfer of money or property to individuals who act as Trustees with instructions to hold and administer the assets for the benefit of named beneficiaries. It can be made in your lifetime and takes immediate effect, or it can be created on death, within your Will.
Creating a Trust is very useful for tax planning, and can significantly reduce the inheritance tax burden payable upon your death. Trusts are also a wonderful vehicle for holding assets without losing control of them. Think of them as a box that you can put assets into – you can keep hold of the box so that you can continue to manage the contents, but you can also decide who takes what out of the box and when they take it.
Trusts are a useful way to:
- Hold assets on behalf of vulnerable beneficiaries whose benefits could be at risk, or who could be taken advantage of, if they own assets outright.
- Hold assets on behalf of minors who are too young to take possession of them straightaway.
- Give away assets that are worth significantly more than they were when you acquired them – without paying the capital gains tax that would otherwise be due upon the gift.
- Give assets away and have them removed from your estate for inheritance tax purposes without losing control of the assets given;
- Hold the proceeds of a compensation claim without losing access to means tested benefits.
- Hold a property that you have been Ordered to provide for an ex-spouse or child, without having to pay capital gains tax on that house when it is sold in the future.
This is just a sample of the uses that a trust can have. To find out if one might suit your circumstances, please contact us.
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Ursula spoke at great length with me offering advice all the way. She was a great help. Not many would have been as engaging, or helpful. Contacting a solicitor can be a daunting experience but Ursula was really friendly.
Hi Julia. Thank you so much for all your efforts to help me . I have to say this would not have happened without you! You are all an amazing team and I really feel you all care !! So thankful to pat for recommending you all , she’s such a lovely lady . Our house is beautiful and we are on cloud 9! And more to the point, I’m finally rid of that bully for good! I would highly recommend you and your team to anyone! Thanks a million! JW.
I would like to say a sincere thanks to Jemma and EMG for helping me through a difficult time with a long term tenant who, through ill health was unable to carry on paying the rent and has since moved on to long term care, via the court of protection.
If Jemma hadn’t become involved and guided me through the difficult procedures to recover the arrears and regain the possession, I think we may have been struggling through without resolution for many months or even years.
I would certainly recommend Jemma and EMG to others in this position as you get the feeling that they really do care about your problems, but also in a very professional manner too.
“Thanks to Sam, I feel like a weight has been lifted off my shoulders. Thank you again for your time. I certainly will recommend you and EMG for your professionalism and your kindness.” D. Rutter
“ Jemma – I just wanted you know how grateful I am for all your help and assistance at the tribunal, also your concern and caring manner you always have for us all.”
Thank you also for Richard, 100% agree with all your past clients, he so easy to work with, keeps you updated, fast and in general made the whole process (almost; as much as can be when buying a house 😉) stress free!
Paul is so pleased with all of the support you have been able to offer up during the purchase process.
He is impressed by the way that you are free to help him and talk matters through. He also commented on how happy you always sound as well.
“Well I finally did it! I am now a very proud and probably eternally skint home owner!
Thanks to my Mam and Dad for their help and support through it all, I couldn’t have done it without them!! And Callum and EMG Solicitors you’ve been amazing”
“We are extremely appreciative of your highly professional and kind service; interacting with you has been a pleasure.” – Mr A Sokolowski