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.
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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.