Mention the word Trusts and even the most learnered scholer takes a sharp in take of breath. The concept of trusts is not the easiest to understand because of the legal complexities surrounding their use and how they are created. However the benefits they present may mean that their use in planning your financial affairs cannot be over looked.
So what is a trust? A trust is a mechanism by which monies and assets can be held. The person or persons putting the assets or money into the trust is known as the donor, perhaps because he is donating his assets to the trust. The person or persons who receive the monies, assets and/or income from the trust are called the beneficiaries, because they benefit under the trust. The person or persons who look after the trust and make all of the decisions regarding its investment etc are known as the trustees. Trusts are commonly set up under a persons will but they do not have to be, it is just as common for a donor to set up a trust during their lifetime.
So why would you transfer your assets into trust? There are many many reasons why clients want to transfer their property into trust below are just a few:
a. To reduce the inheritance tax burdon on their death.
b. To pass assets to their children during their lifetime so that they can ensure their wishes are followed.
c. To provide for their partner to live in their property until his/her death and then for the property to pass to their children.
d. To pass assets to children so that the assets are protected until they reach the age of 18/21/25 etc.
e. So that one person can benefit from the income of an asset and the other receives the capital once the trust is brought to an end.
Lakes Legal Limited have experience in this area and can assist you in the preparation and engrossment of your trust document. If you instruct Lakes Legal Limited you will be asked to complete a questionnaire which Lakes Legal Limited will use to prepare the trust instrument bespoke to your individual needs. Following your approval of the trust instrument Lakes Legal Limited will engross the document for your signature and provide you with all of the information you need to complete the setting up of the trust.
Lakes Legal Limited are not an accountancy firm and so do not offer taxation advice as part of this service. The taxation of trusts is extreemly complex and Lakes Legal Limited believe for that reason that this type of advice best left to the services of an accountant. Lakes Legal Limited strongly advise clients to speak with their accountant before proceeding with the provision of a trust. If you do not have an accountant Lakes Legal Limited work closely with accountancy firms and can provide you with their details as required. Lakes Legal Limited neither give or receive referral fees so you can rest assured that our recomendation is made on trust and with the sole aim of doing the best for our clients.
“I used to tell my husband that, if he could make me ‘understand’ something, it would be clear to all the other people in the country.” Eleanor Roosevelt
Lakes Legal Limited offer a comprehensive Trust Engrossment service for a fixed fee. If you would like Lakes Legal Limited to engross your trust document, simply click on the button below and use our secure payment service to process your transaction. Alternatively please telephone Lakes Legal Limited and speak with one of our adviser. Please note the fee you pay now is Lakes Legal Limited fee only.
This information is presented for general guidance purposes only and should not be relied upon or used for any other purpose.
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