We work with our clients to create and manage trusts that are most suited to your situation, so assets can be passed on in the event of your death or within your lifetime in a tax efficient way.
Trusts can be used in a wide range of circumstances from the ownership of a house to structuring investments or business assets. People who own properties together can put a declaration of trust in place to set out how much of the value of the house each person owns so that it can be divided if you decide to sell in the future. Other types of trust may be appropriate for investments or other assets. Life interest, or Interest in Possession trusts, can be used to give beneficiaries the right to live in a property or receive an income from the trust but without them becoming the owners of the assets. Discretionary trusts can be used to give trustees control over the assets, which can be distributed to ‘potential beneficiaries.’ These beneficiaries don’t have the automatic right to access assets, and the trustees decide who receives them and in what amount.
Trust and asset protection also includes finding the most tax efficient way to pass your assets on. Ownership structures can be used to protect your assets for future generations, and placing your assets in a trust can protect them from being lost if your beneficiaries experience financial difficulties or get divorced.
If you are a trustee or beneficiary under an existing trust we can help you to make sure it is being run correctly and that the beneficiaries are receiving appropriate information and assets.