Trusts & Trust Funds
If your family’s circumstances change or you want to safeguard any inheritance, you might consider having your Will redrafted to include a Trust. A Trust is a legal arrangement that allows assets such as property to be looked after for the beneficiaries in your Will. Assets are looked after by a third party, known as the ‘Trustee’. You might consider setting up a Trust if, for example, you want to protect assets for those who are too young to handle their affairs or are vulnerable in any way.
Trust funds are a great way to help protect your loved ones. Ensuring they can be provided for in the future whilst protecting your assets – so they cannot be used to pay for care home fees. Another benefit of creating a Trust Fund is that it can also help to minimise the amount of inheritance tax payable on your estate. There are many different types of trust funds and Harold G Walker will be able to advise whether or not a trust fund is appropriate for your situation. Your own set of unique circumstances will depend on what you want to accomplish and would recommend you discuss your needs with one of their specialist solicitors.
Setting up trusts can be a complicated process, but at Harold G Walker the experienced team of Solicitors will guide you through the process and explain your options clearly and openly. They will take the time to understand your individual requirements and advise you on the right type of Trusts suitable for you.
For further information please contact a member of the Wills & Probate team.