We have been helping clients for many years to set up Trusts whether in their lifetimes or on their deaths by including a Trust in their Wills.
We also help with:
- The running of Trusts
- Change of Trustees
- The bringing to an end of Trusts
- Transfer of assets out of a Trust
- Variation of Trusts
Common uses of Trusts in Wills
Leaving assets to young children
Our clients often want to make a gift in their Will to children. This means the assets will need to be in Trust for the children until they reach a specified age. This is a situation that we very frequently advise on and we can explain how such a Trust will work and what powers the Trustees will have to use money for the children before the children reach the specified age and are entitled to the assets in Trust.
We often see people who are in a second marriage. They both have children from their first marriages and they want to provide for their own children eventually but to also provide for the survivor of the two of them after one of them dies. This is a situation where a Trust can be very useful to achieve both purposes.
Protecting a vulnerable beneficiary
Sometimes our clients tell us that they have a child who is vulnerable, whether because they have special needs or perhaps they are in a bad relationship with somebody else, or they may even be addicted to drink or drugs. We can help our clients put a Trust into their Will or create a lifetime Trust so that the person they love is protected from the consequences of having money which they may not be able to handle or which may lay them open to being taken advantage of by other people. Using a Trust this way can protect the people who you are most worried about whilst still making sure that they benefit from your assets.