There are many advantages to making a trust to protect or pass on assets - whether you do this during your lifetime or as part of your will.
A trust arises when property (‘the trust fund’) is transferred to other people (‘the trustees’) who hold it for the benefit of other people or an organisation (‘the beneficiaries’).
Trusts can be created during a person’s lifetime by deed (usually called ‘a settlement’) or contained in a person’s will.
A trust can also come into existence by law for example when someone dies without leaving a will.
The most common types of trust arise when someone wishes to preserve the property for later generations or when someone who might otherwise be given property needs help in managing that property. But trusts can be created for many other purposes.
The trustees are responsible for the administration of the trust fund in accordance with the terms of the settlement or will and the laws and regulations that exist at the time.
Get in touch with our trusts solicitors in East Sussex
Our solicitors specialising in trusts can advise you on whether it is appropriate to set up a trust, on how to administer a trust and on its eventual winding up. We can also explain in general terms how trusts are dealt with by HMRC for tax purposes although we often involve specialist accountants in this.
We can provide solicitors to act as the trustees if there are no other suitable alternatives.
Please speak to Sally Kinsey if you wish to learn more about the advantages or disadvantages of making a trust by deed, or by Will or Make an Enquiry.
For further information or to speak to one of our experts please call us on:
- BATTLE 01424 772401
- BEXHILL ON SEA 01424 730630
- EASTBOURNE 01323 411020
- HASTINGS 01424 434192
- RYE 01797 222955
How we can help with trusts
Setting up a trust
Our trusts solicitors can provide valuable assistance in setting up a trust by offering legal advice and guidance on the appropriate type of trust suitable for your specific needs.
We can assist with drafting the necessary legal documents, ensuring compliance with all legal requirements, and providing guidance on the selection of trustees.
Our wills and trusts solicitors also play a crucial role in explaining the implications of setting up a trust, including tax considerations and the management of family trust assets.
Advising trustees on managing a trust
Our trust solicitors can provide essential guidance to trustees on effectively managing a trust by offering legal advice on their duties and responsibilities.
We can assist with interpreting the trust deed, ensuring compliance with legal obligations, and making informed decisions in the best interests of the beneficiaries.
Our trusts solicitors in East Sussex also provide support in dealing with complex legal and financial matters, including trust investments, tax planning, and potential disputes, ensuring trustees fulfil their obligations in accordance with the law.
Terminating a trust
Our trust lawyers can assist with the process of terminating a trust by providing legal guidance and support on the necessary steps and requirements.
We can help trustees understand the legal implications of terminating the trust and ensure compliance with the trust deed provisions and legal formalities.
Our wills and trusts solicitors also facilitate the distribution of trust assets to beneficiaries, address any outstanding obligations or liabilities, and oversee the closure of the trust in accordance with relevant legal regulations.
Trust disputes
Our solicitors specialising in trusts play a crucial role in managing trust disputes by providing legal advice and representation to clients involved in contentious trust matters.
We help our clients understand their legal rights and options, assess the validity of claims, and negotiate settlements where possible.
Our trusts solicitors in East Sussex also represent our clients in trust-related litigation, including disputes over trust management, beneficiary rights, trustee responsibilities, and breach of fiduciary duties, working towards achieving fair and equitable resolutions.
Frequently asked questions about trusts
What is a trust?
A trust is a legal arrangement where a trustee holds assets for the benefit of beneficiaries. It involves the transfer of assets from the settlor to the trustee, who manages the assets in accordance with the terms specified in the trust deed.
The trustee has a legal obligation to act in the best interests of the beneficiaries and manage the trust assets accordingly, ensuring compliance with legal requirements and the trust's specific provisions.
Do trusts have to be declared in probate?
Trusts are not typically required to be declared in probate if they are structured in a way that the assets are not owned by the deceased at the time of their death.
However, certain types of trusts or assets held within trusts might still be subject to inheritance tax or other legal considerations. Seeking legal advice from a solicitor can provide clarity on whether a trust needs to be declared during the probate process.
Do you pay inheritance tax on a trust?
The payment of inheritance tax on a trust depends on various factors, including the type of trust, the value of the assets held within the trust, and the specific circumstances of the beneficiaries.
Certain trusts might be subject to inheritance tax charges during their lifetime or upon distribution of assets to beneficiaries. Seeking guidance from a solicitor or a tax advisor can help in understanding the inheritance tax implications related to a trust.
Do you need a solicitor for a trust?
While it is not mandatory to have a solicitor when setting up a trust seeking legal advice can be highly beneficial.
Our solicitors can provide valuable guidance on the appropriate type of trust for your specific needs, draft the necessary legal documents, ensure compliance with all legal requirements, and offer ongoing support in managing the trust.
Our expertise can help navigate complex legal and financial matters, ensuring the trust is established and managed effectively.
How long does it take to settle a trust after death?
The time required to settle a trust after a death can vary significantly depending on the complexity of the trust, the value and nature of the assets involved, and any potential disputes or legal challenges.
While some trusts can be settled within a few months, others might take a year or longer to finalise. Engaging a solicitor with experience in trust administration can help streamline the process and ensure efficient and timely distribution of assets to the beneficiaries.
How much does it cost to set up a trust in the UK?
The cost of setting up a trust can vary based on several factors, including the type of trust, the complexity of the trust structure, and any additional legal requirements.
While some trusts can be established with relatively straightforward documentation, others might involve more intricate legal and financial considerations, resulting in higher associated costs.
Seeking a consultation with a solicitor can provide a more accurate assessment of the potential expenses involved in setting up a trust.
Get in touch with our trusts solicitors in East Sussex
Our trust lawyers can advise you on whether it is appropriate to set up a trust, on how to administer a trust and on its eventual winding up. We can also explain in general terms how trusts are dealt with by HMRC for tax purposes although we often involve specialist accountants in this.
We can provide solicitors to act as the trustees if there are no other suitable alternatives.
Please speak to Sally Kinsey if you wish to learn more about the advantages or disadvantages of making a trust by deed, or by Will or Make an Enquiry.
For further information or to speak to one of our experts please call us on: