Trusts

A trust is a legal arrangement where one or more persons, called trustees, look after and deal with assets (the trust property) for the benefit of the trust beneficiaries.

Trusts can be useful for a variety of purposes, especially when minimising your future tax liabilities.

Trusts are often used as a means of protecting family wealth, holding property for a number of individuals, preserving assets for future generations and managing assets for those who cannot do so themselves either due to age or mental incapacity

The trust deed, which might be incorporated in a Will, establishes the obligations of the trustees and how they are to exercise those obligations on behalf of the beneficiaries.

It is essential to have trusts drawn up properly as they establish control over assets for a long time, possibly decades. Also it is important to build in flexibility to allow for changing circumstances in the future and to choose trustees who understand their duties and who will carry out your instructions carefully.

Why do you need a Trust?

There are many different reasons for using trusts. They include:

The co-ownership of a house

The creation of lifetime gifts for young people

Deferring the payment of Capital Gains Tax

Avoiding the payment of Inheritance Tax

Making special provision for mentally incapacitated adults and in many other differing situations.

Hugh James Trusts experience

We have a large, diverse and experienced asset management team who specialise in all matters relating to Trusts.

Our solicitors work with each client individually to provide the highest level of advice to ensure the best provisions are made for you and your family now and in the future.

Hugh James can assist you in the creation of any of the following trusts:

Bare trusts
Interest in possession trusts
Discretionary trusts
Charitable trusts
Property trusts

We can advise on setting up a trust, structuring trusts, managing trusts and on choosing trustees.

Hugh James also advise Trustees on how to meet their obligations and duties and we regularly act as Professional Trustees to ensure our clients’ wishes are carried out to the letter.

We also offer a Trusts Administration Service to Trustees to ensure the many administrative requirements of acting as a Trustee are fulfilled, such as holding an annual meeting to discuss investments and filing Tax Returns.

Working nationwide, our specialist solicitors offer straightforward and practical advice with sensitivity and care and regularly prepare Trusts for all manner of situations and clients.