Our trust solicitors provide easy to understand and personal service to help you plan for the future and safeguard your financial security. We will provide:
- solicitors with specialist knowledge in all areas of trusts and estate planning to suit your circumstances and requirements
- innovative solutions on the most complex and sensitive cases
- a personal service to all our clients
A trust is a formal arrangement in which trusted individuals or trust corporations hold and manage assets on behalf of certain other individuals. Trusts are used to transfer ownership of assets but not make it an outright unconditional gift. The assets are put into trust for a beneficiary’s life, or until they reach a certain age.
A private wealth trust while complex can be formed for many different reasons. Trust are used as an instrument to pass wealth and assets on without passing on full control of them and also ensures your wishes are carried out fully even after you have died without having any trust disputes afterward. Often as trust solicitors London, we are approached by clients who wish to make provisions for family members but do not want to give them assets outright due to circumstances in their family.
The main types of trust are:
- bare trusts
- interest in possession trusts
- discretionary trusts
- accumulation trusts
- mixed trusts
- settlor-interested trusts
- non-resident trusts
- Secret trusts
- Charitable trusts
Our solicitors in London are able give advice in areas of asset protection trust. We will take time to listen and understand your individual requirements. This will help us to provide you with a specific purpose made creative solutions which meets your planning needs.
Planning for the future and avoiding trust disputes is a smart thing to do and getting help from trust solicitors London like Pindoria Solicitors can only prove to be more helpful, please feel free to contact us.
What is a Trust?
A trust is a legal arrangement that allows a trustee or a third-party person to manage the settlor’s assets on behalf of a beneficiary. The process of managing assets – which include bank balances, land, property or investments – for the benefit of a beneficiary. It is advisable to contract trust solicitors for setting up a trust fund to devise plans to manage assets.
A trust and will differ on certain aspects. When you place a few assets under Trust, it avoids going through probate. Unlike a will that needs a probate process, your beneficiaries have more chances of accessing assets under Trust quickly.
Do you need a solicitor to set up a trust?
A trust is set up as a legal method to safeguard assets in order to support beneficiaries. Setting up a trust is a tedious and severe responsibility, and the decision to set up a trust should be taken only after serious consideration and consultation.
We always advise our clients to reach out to solicitors to set up a trust because it is a huge challenge to do it yourself. As per the law, for a trust to be valid, it has to satisfy three primary criteria:
- The settlor’s intention
- Trust property or assets
- Beneficiaries of the Trust
While it is possible to draw up the legal paperwork, the task can be overwhelming to most. That’s the reason why reaching out to trust solicitors can make the job much easier and legally complaint.
How much does it cost to set up a trust?
The actual cost of setting up a trust depends on the assets you would like to place in a trust. For instance, setting up a trust can get complicated if you want to place multiple assets in the Trust. Or if you are going to leave several assets to different beneficiaries. It can get tedious and time-consuming to draw up a trust document. And, that’s precisely why you need trust solicitors to help you out with the legal side of preparing a trust document.
Why use a trust instead of a will?
A major difference between a trust and will is that a will must go through probate, whereas a trust can avoid probate. The heirs can avoid the lengthy process of probate when the assets are put through a trust. Since there is no probate process involved, there is no display in the distribution of the assets. Besides, with a trust, you can avoid estate transfer tax as well.
A will is a public and court-controlled document, while a trust is a family-controlled and private process.
One major disadvantage of having only Trust is that the assets can be distributed to your children only after attaining a certain age. Until then, it is controlled by the trustee. That is why reliable wills and trusts solicitors will tell you that it is advisable to use both will and Trust for your assets.
What happens to property in a trust when the person dies?
The property in Trust after the death of the current trustee will be turned over to a successor trustee. That is if a successor has already been named. If a successor trustee has not been named in the trust document, the beneficiaries and other involved parties can seek the court’s intervention to appoint a successor. If the trust document also mentions co-trustees, these co-trustees will have the power to take over the property in a trust without involving the courts.