Trusts
We can help with both Will Trusts and Lifetime Trusts. Though we refer Lifetime Trusts to our partners when they need to be developed.
A Trust is a way of ensuring your assets are ‘looked after’ for someone else, until a time that you dictate.
There are different types of Trust and what you might need will depend on your circumstances.
Imagine a locked box containing your life savings. No-one can access it until they have the key. You are essentially choosing when they get the key.
Trusts can be used to ‘hold’ assets until your children are older, when you feel that they might have more financial responsibility and make better decisions about what to do with the money/property.
They can also be used to provide a level of control over what the assets can be used for – for example, used to pay for education, or a deposit on a house, not a luxury holiday and a Porsche.
A Trust might also be used when family circumstances are complicated. For example, you might want your home to pass onto your children, but still want your spouse to be able to live there whilst they are alive.
A Trust can be set up to enable this to happen.
There can be many complexities with Trusts which is why a conversation about your circumstances and concerns is best.
There are rules and regulations that must be adhered to, and they need to be managed, and this is something that we can do.
We ensure that your Trust is registered and all the necessary information is kept up-to-date and accurate.
A Trust can be used to make sure that property and/or money is given to the right person at a time you choose. Some reasons you might choose a Trust are:
- To hold assets until someone reaches an age that they can responsibly manage them themselves
- To help with tax planning
- To add protection to assets
There are different types of Trust available depending on your needs.
Morrell Will Services can offer information, guidance and advice on all of these, we can also refer to trusted specialist partners where needed.
You can choose a free 30-min
consultation, or an in-person chat
about your unique circumstances.
Frequently Asked Questions
What’s the difference between a Will and a Trust?
A Will is a the legal document that determines what will happen to your assets following your death. This might be in relation to items you own, property, money or something else. Within your Will you can includee instructions about who should deal with your estate following your death (the Executor), and who should look after your children if they areunder the age of 18.
A Trust is a legal arrangement whereby you place your assets under the control of Trustees (following your death). Trusts are used to manage how and when your assets are passed on. They are often used to hold your assets until a minor has reached a certain age, or to help provide for a vulnerable family member.
Can I use a Trust to avoid paying care home fees?
This is a commonly asked question. A trust should not be used for this purpose. A Trust being used to try and prevent care home fees being paid is called Deprivation of Assets, and if a council deems that a Trust has been put in place for this reason, your property can still be used towards care home fees.
Trusts should be used for legitimate reasons and we are happy to talk you through these with you.
Pricing
| Trust Registration Service administration | £75 (per meeting) |