Trusts


We can’t predict your future, but we can take steps to protect it
Personal law trusts

YOUR LOCAL TRUSTS SOLICITORS IN ESSEX

Associated services


If you are looking to protect your financial legacy and your loved ones' futures, we can help you create the trust that's right for you. View our complete range of Trusts services below.

Administering Trusts

Looking for advice on how to manage and administer your trust or the trust of a loved one? We can guide you through every step of the process, backed by decades of specialist experience.

Disabled Person's Trust

A disabled person's trust is one of the most effective ways of passing on assets to disabled or vulnerable people who may not have the capacity to manage them. We can help you plan, draft and create these for total peace of mind.

Trust & Proprietary Estoppel Claims

Whether you are making or facing a claim regarding a trust or for proprietary estoppel, you can take comfort that our dispute solicitors will resolve your issues efficiently and definitively.

Experts in trusts


Whatever your issue is, our dedicated Trusts solicitors will help you find the right resolution.

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Managing Partner
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Partner
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What is a trust

What is a trust?


A trust is a legal agreement where one party (the settlor) gives responsibility for their money and assets to another party (the trustee) in order to eventually benefit a third party (the beneficiaries). Essentially, it takes this amount of money or assets out of the hands of the original owner to be securely held for someone to receive at a later date, making it a core component of estate planning. In addition, a trust can also be set up within your will.

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What is a trust deed?

A Trust Deed is the document that establishes the trust, and is executed by the settlor (although the settlor doesn’t necessarily have to write it). Within the Trust Deed you can include conditions that the beneficiaries must fulfil to receive the assets they’ve been provided in the trust, but these conditions must be legal and certain.

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What is the variation of trusts?

As a general rule, trustees are bound to follow the wishes of the settlor as set out in the trust. However, there are circumstances where alterations can be made both with and without the assistance of the courts. This is referred to as the Variation of Trusts.

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Who are the people involved in a trust?

In most scenarios, there are three roles involved in a trust:

  • The settlor(s)
  • The trustee(s)
  • The beneficiary(ies)
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What can you place in a trust?

The assets held within a trust, also referred to as trust property, can include a wide range of items, including:

  • Property
  • Money
  • Stock
  • Shares
  • Artworks and other household items
  • Investments
  • Life insurance policies
  • Pension death scheme benefits
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What is 'capital' and 'income' in relation to trusts and taxes?

Capital in a trust is any asset that trustees receive when the trust commences, such as property, land, money and investments, as well as the growth that accumulates on top of the original capital asset.

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When might you want to create a trust

WHEN MIGHT YOU WANT TO CREATE A TRUST?


There are numerous situations where you might wish to tie up some of your assets in a trust as opposed to holding onto these for the remainder of your lifetime and passing them along in your final wishes.

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What are the different types of trusts

WHAT ARE THE DIFFERENT TYPES OF TRUST?


There are many different types of trust you can create to support a range of estate planning solutions, which can be overwhelming to look through if you have no experience in trust planning. That makes the support of a trust solicitor helpful in determining the right trust for your situation, ensuring it acts in the way you anticipated to best support your beneficiaries in their lives.

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What are the main types of express trust?

The main types of express trust include (but are not limited to):

  • A bare, simple or absolute trust
  • An interest in possession or life interest trust
  • A discretionary trust
  • An accumulation trust
  • A mixed or hybrid trust
  • A settlor-interested trust
  • A non-resident trust
  • A charitable purpose trust
  • A non-charitable purpose trust
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WHAT IS A PROPERTY TRUST WILL?

You can set up a Property Trust Will in order to hold your share in the property you own at the time of your passing in a trust for your children and other beneficiaries, while your surviving partner can continue to live in the property for the remainder of their lifetime.

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How do you set up a trust

How do you set up a trust?


The legal wording when setting up your trust has to be incredibly precise. It is highly recommended that you speak to a qualified trust solicitor to guide you through every aspect to ensure your trust is legal, secure and fulfils the purpose you intended for it.

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IS IT POSSIBLE TO SET UP A TRUST IN A WILL?

Yes - setting up a trust in your will is possible if you specify this within the documentation. If you do this, when you pass away the assets that you have designated form the trust, and the trustees assigned to look after this assume responsibility on behalf of your beneficiaries.

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CAN YOU CREATE TRUSTS FOR HYPOTHETICAL SITUATIONS?

Yes. It is possible to create a trust for a hypothetical scenario, such as for any future children or grandchildren you have. As long as the trust follows the rules regarding certainty and you have accounted for if this hypothetical situation does not happen, you can create a hypothetical trust.

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HOW MUCH DOES IT COST TO SET UP A TRUST?

There is no hard-and-fast answer to the cost of setting up a trust - it depends on the solicitors you work with and the length of time it takes to get the details of the trust finalised.

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ARE TRUSTS SUBJECT TO TAX?

Depending on the type of trust you’ve established, it will likely be subject to one or more of the following:

  • Income Tax
  • Inheritance Tax
  • Capital Gains Tax
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WHAT IS A TRUST AND ESTATE SELF-ASSESSMENT TAX RETURN?

As a trustee, once you have informed and registered the trust you’re responsible for with HM Revenue & Customs, you must report the income and capital gains the trust receives at the end of each tax year in a Trust and Estate Self Assessment Tax Return. This will determine how much tax you are required to pay through the trust.

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What do you need to consider before becoming a trustee

WHAT DO YOU NEED TO CONSIDER BEFORE BECOMING A TRUSTEE?


Acting as a trustee is a legal responsibility, and therefore it is important to be aware of how to perform the role while avoiding liability. Advice from an experienced trust solicitor can be extremely helpful in keeping you protected from any liabilities.

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WHAT HAPPENS IF A TRUSTEE RETIRES OR IS NO LONGER ABLE TO MANAGE YOUR TRUST?

If one (or more) of your trustees retires or is no longer able to manage your trust, it is important to seek specific advice on from an experienced trust solicitor.

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CAN A TRUSTEE BE REMOVED?

If you’re concerned about how your trust is being managed by the chosen trustee(s), it may be possible to remove them from their position. However, this is never straightforward.

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What is estate planning

WHAT IS ESTATE PLANNING?


Estate planning is documenting how you would like your estate to be managed when you pass away, and the steps you take to reduce the value of your estate by gifting or arranging assets during your lifetime.

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HOW CAN A TRUST IMPACT YOUR INHERITANCE TAX REQUIREMENTS?

Planning a trust and setting one up can play a role in the amount of Inheritance Tax your beneficiaries must pay when you pass away. As the assets held within a trust when it’s set up no longer belong to you (the settlor), those assets may no longer be considered part of your estate, and therefore won’t be considered when calculating IHT.

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Do you need a solicitor to set up a trust

DO YOU NEED A SOLICITOR TO SET UP A TRUST?


It is possible to set up a trust without a solicitor’s support. However, as illustrated by the various details that must be considered above, this is highly inadvisable. The wording of a trust needs to be incredibly specific, certain and legal to ensure the assets you leave in the hands of your trustee(s) are protected and secured for your intended beneficiaries.

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The expertise of our solicitors is regularly recognised by some of the profession’s most distinguished organisations. As well as being a member of a number of Law Society schemes, we have won awards at the Law Society Excellence Awards, the Halsbury Legal Awards and the Modern Law Awards.

We have also received recognition in the form of the Lexcel mark of quality, a Legal 500 listing and a place on the shortlist of The Lawyer’s Boutique Firm of the Year.

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