Trust Solicitors

What is a Trust?

A Trust is a legal arrangement that’ll allow a person (the settlor) to move assets to other people (the trustees). Assets include the likes of wealth, investments and properties. A trustee is someone who manages the assets on behalf of a beneficiary – the beneficiary is the person who will benefit from the assets in the future.

Why would someone set up a Trust?

There are several reasons why someone may set up a Trust, and luckily, a Trust can be flexible, meaning whatever your circumstances, there’s most likely a Trust for you. Our Trust solicitors are skilled at assisting with a range of Trusts, creating a smooth process to help you understand each step.

• Asset protection – protecting assets for the future is a priority for many people and a Trust can do just that. Whether you’re preparing for a child’s future, looking after a beneficiary who may be vulnerable due to age or illness, or safeguarding assets in case of divorce, a Trust should provide the clarity and security you’re looking for.
• Planning for care costs – if you have a beneficiary who will need care in the future, such as assisted living or treatment, a Trust can protect money for this reason, giving you some peace of mind. On the other hand, if you want to protect your property from being used as a way to pay for care costs, a Trust can safeguard your home while still making sure the care costs are covered responsibly, however this depends on your unique circumstances and the timing of which the Trust is set up. Your solicitor will be able to provide more information on this if it is something you’re considering.
• Inheritance tax planning – by putting assets into a Trust, you can reduce how much your estate is worth for inheritance tax purposes, which means you’ll be able to pass more onto your beneficiaries in the future.

No matter what your situation, our Trust solicitors can discuss your case and help you decide which is the most suitable route for you.

Types of Trusts

There are several different types of Trusts, and your solicitor will be able to discuss with you which is the most appropriate for your situation.

• Life Interest Trust – a beneficiary will have access to income from an asset, for example they can live in a property laid out in the Trust, during their lifetime. When they pass away, the asset they’ve been using will go to other named beneficiaries.
• Bare Trusts – this is known as the simplest form of a Trust. It allows a beneficiary to have complete access to the assets that are being held for them. Typically, this is a Trust used to protect assets for children until they grow up, aiming to help them in the future.
• Discretionary Trusts – if you’re holding assets for a beneficiary whose circumstances are likely to change, this type of Trust provides flexibility to the trustee and allows them to decide how and when assets can be given to beneficiaries.

Our Trust services

We provide a variety of Trust services, so you can be assured that your case is dealt with efficiently. Our Trust solicitors can help with:

• Creating a Trust – if you don’t yet have a Trust, we can work with you to understand your circumstances and then help you decide which Trust is right for you. Once decided, we’ll draft a Trust that reflects your wishes.
• Trust administration – we’ll help you manage your Trust, including the assets within. We can ensure your Trust is up to date and accurate, and the management of accounts and tax obligations are secure.
• Advice and added support for trustees – our Trust solicitors are always on hand to offer sound legal advice and support. We’ll explain your role and responsibilities and ensure you know how to manage them correctly.
• Closing a Trust – if you no longer need a Trust, or it has served its purpose, we’ll handle the process of closing your Trust and issuing the remaining assets to other beneficiaries.

Our process

Due to the nature of Trusts, and how there are several types and reasons for setting one up, each process will be different. Despite this, you can expect to follow similar steps:

Step 1: Initial consultation – once you’ve instructed us, we’ll learn the details of your case and the reasoning for setting up a Trust.

Step 2: Selecting the right Trust for you – we’ll advise on the type of Trust you should choose that aligns the most with your objectives. We’ll provide support on how your chosen Trust will work.

Step 3: Drafting – our Trust solicitors will draft up your Trust and ensure it represents your wishes. We’re skilled in drafting documents like these, and we’ll make sure it meets legal requirements.

Step 4: Setting up the Trust – we’ll set the Trust up for you and help you to transfer the assets. As well, we’ll make sure everything is recorded for your benefit.

Step 5: Ongoing support after the set up – once your Trust is set up, our job doesn’t stop there. We’ll provide support for the trustees, helping to manage the day-to-day administration of the Trust.

Why Choose Fisher Jones Greenwood

Our Trust solicitors will provide clear, concise advice throughout the process, turning what can be complex legal jargon into easy-to-understand wording, so you understand each stage of the process. They’ll lay out your responsibilities and role clearly, so you’re well equipped to run the daily management of the Trust.

We’ll help with every stage of your process, from initial conversations that advise the most suitable route, to helping you manage your Trust once it’s been created. You can rely on our strong expertise and knowledge to guide you through what can be a complex time.

Fisher Jones Greenwood has been recognised by The Legal 500 and Chambers & Partners, reflecting the high standards we work at, and the commitment we have for each of our clients, no matter the legal service needed. Some of our team are also members of the Society of Trust and Estate Practitioners (STEP).

National scale, proven expertise

Fisher Jones Greenwood is part of Lawfront, a national group of regional law firms. Together, our private client teams total almost 180 specialists and hold seven Legal 500 rankings nationally, including three Tier 1.