A Trust is a legal arrangement where one or more people (the trustees) are made legally responsible for holding assets. The assets such as land, money, buildings, shares or even antiques are placed in Trust for the benefit of your loved ones (the beneficiaries).
The trustees are responsible for managing the Trust and carrying out the wishes of the person who has put the assets into Trust. The person’s wishes for the Trust are usually written in their Will or set out in a legal document called 'the Trust Deed.'
Why do people use Trusts?
Making a Trust, either during your life time or in your Will (to take effect after your death) can be an extremely useful tool for ensuring your family assets stay in the family. It is particularly important for saving Inheritance Tax, and also ensures that you retain a degree of control over Trust funds during your lifetime.
There are a range of Trusts available to you and we can help you choose the one that best suits your personal and financial situation.
What does the trustee have to do?
The role of the trustee is to deal with trust assets in line with the Trust Deed, manage the Trust on a day-to-day basis, pay any tax due and decide how to invest or use the Trust's assets.
Trusts can be complicated so it is important to seek expert legal advice. The private client team at Nicholsons Solicitors in Lowestoft have been helping generations of local families with Trusts and tax planning, and can guide you through each stage of the legal process, providing straightforward, practical advice.
If you would like to discuss any issue related to Trusts, Wills or tax planning do not hesitate to get in touch on 01502 532 300 or email email@example.com