Trusts Solicitors

Trusts can be a very effective and tax-efficient means of providing for your loved ones and protecting your assets. Creating a Trust that is compliant, effective and fulfils individual objectives can be a complex process, which is where the support and guidance of our specialist Trust solicitors can prove invaluable.

At Dutton Gregory Solicitors, our Trust Law specialists have many years of combined experience in assisting individuals and their families through all types of Trust matters.

Whether you simply need advice on the general process for setting up a Trust, you need clarification on your role as a Trustee, or you need support to resolve on ongoing Trust Dispute, our expert solicitors can provide all the support you need.

Our team can offer a bespoke service that is tailored to your needs and the level of support you require when setting up a Trust. Our solicitors dealing with Trusts will take the time to carefully listen to your requirements during an initial consultation

Our Trust Expertise

Our Trust lawyers can provide expert guidance on matters including:

• Setting up a Trust
• Reviewing and amending an existing Trust
• Acting as a Trustee
• Trust Disputes

Get in touch with our Trust Solicitors

Our Trust Law specialists can advise clients nationwide from our offices in Bournemouth, Chandler’s Ford, Southampton, Winchester and Woking.

To arrange an initial consultation with our trust lawyers, you can contact your nearest office using the links above or fill in our quick enquiry form and we will get back to you soon.

How our Trust Solicitors can help

Setting up a Trust

When it comes to setting up a Trust for the first time, you will need to decide what provisions you would like to include, who you would like to benefit, and who you would like to act as a Trustee. These important decisions can be complicated further when there are so many different types of Trusts to choose from.

When instructed, our solicitors dealing with Trusts can sit down with you to carefully assess your current circumstances and what you would like to achieve. We can then proceed to help you decide on the most suitable Trust and who your Trustees will be.

Common types of Trust you may want to set up include:

• Bare Trust
• Interest in Possession Trust
• Discretionary Trust
• Accumulation Trust
• Mixed Trust
• Settlor Interested Trust
• Non-Resident Trust

Reviewing and amending an existing Trust

If you already have a Trust in place, it is important to make sure that it always remains relevant and accurately reflects your wishes. Circumstances can change over time, which means that the Trust you originally set up may no longer be fit for purpose, or it may not be as tax efficient as intended.

Our Trust Law solicitors can work alongside you to review Trusts you already have in place and, where appropriate, advise on the most appropriate amendments.

Acting as a Trustee

When named as a Trustee, you will be legally responsible for handling the management of the Trust, as per the terms set out in The Trustee Act 2000. Acting as a Trustee is a serious commitment and will require you to take the right actions in the interests of the beneficiaries of the Trust.

Our Trust solicitors have a detailed understanding of the role and, as such, can offer tailored advice on your responsibilities as a Trustee.

Whether you require assistance with general Trust administration, need further clarification on Trust Law, or you need to distribute the Trust assets to the relevant beneficiaries, our solicitors will be on hand to provide all the support you need.

Trust Disputes

Unfortunately, Trust Disputes can happen. Whether a dispute involves a settlor, trustee or beneficiary, it is important for legal advice to be sought at the earliest opportunity.

Our Trust Solicitors will work alongside you to carefully assess the nature of the dispute at hand, using this to provide an efficient and cost-effective resolution. Whatever the circumstances and desired outcome, we will look to keep conflict to a minimum wherever possible.

Where a suitable resolution cannot be amicably agreed, it may be necessary to issue court proceedings. If this is the only way forward, rest assured that our team are highly experienced in navigating these scenarios and can help to maximise your chances of securing the desired outcome at court.

Frequently asked questions about Trusts

What is a Trust and why make one?

To summarise, a Trust is a popular asset management method. They are legal arrangements which see someone’s assets be held and managed by another person or group of people.

There are a number of potential benefits to setting up a Trust, including:

• The person creating the trust (the ‘Settlor’) can control and protect their family assets
• A beneficiary may not be old enough to legally inherit
• A beneficiary may be unable to manage their money
• It may be possible to bypass Inheritance Tax via a trust

How do Trusts work?

A standard Trust sees the Settlor hand over control of assets either during their lifetime or on their death to others (the Trustees) who administer the trust for the benefit of certain defined individuals (the Beneficiaries).

Examples of common uses of Trusts include:

• Protection of assets for future generations
• Tax Planning
• Protection of vulnerable people

What type of Trust is best for a family?

There are a wide range of Trusts available and exactly which one is likely to be right for your circumstances will depend on various factors.

For instance, Bare Trusts, Interest in Possession Trusts, Discretionary Trusts and Accumulation Trusts all have their own set of benefits and associated risks which will need to be taken into consideration. A specialist Trust solicitor will be able to advise you further on what the best option is likely to be for you and your family.

How are Trusts taxed?

The type of income from a Trust will attract different rates of Income Tax, Inheritance Tax and Capital Gains Tax. It is important to be aware that each type of Trust is taxed differently.

While Trusts can be a tax-efficient method for handling your assets, you should still be aware that Inheritance Tax will still need to be paid at various points in the lifecycle of the Trust. Similarly, Capital Gains Tax is a tax on any profits generated when assets that have increased in value are put into or taken out of the Trust.

The government have published guidance on the amount of tax that will be due for the most popular types of Trust here.

Your Trust law solicitor will be able to provide detailed guidance on your tax obligations and how you can create a trust that is as effectual as possible.

Get in touch with our Trust Solicitors

Our solicitors can advise clients from our offices in Bournemouth, Chandler’s Ford, Southampton, Winchester and Woking.

To arrange an initial consultation with our trust lawyers, you can contact your nearest office using the links above or fill in our quick enquiry form and we will get back to you soon.