As part of their Will, many people will write in provisions that leave cash, investments and property to family members, close friends or even to specific charities. Another option is available though, with trust solicitors able to help you draw up a trust will instead. This helps to protect your estate and put your assets on hold until a specific date in the future or a specific circumstance, that unlocks the estate for your beneficiaries.
Dickinson Parker Hill has been advising the families of West Lancashire and its surrounding areas for over 200 years in relation to the use of trusts. If you are looking for experienced and reliable estate planning lawyers in Lancashire, we are the team for you. A trust is a legal structure that seeks to protect the assets of a person, be it property, cash or investments.
It is different to a will, as it leaves the assets to beneficiaries listed in a will, but does not provide them with those assets immediately after the death of the individual. Instead, trust solicitors will ensure that a set date is written into the trust. This can be useful in cases of young children and financial provisions for their future educational needs. There are numerous reasons why you might be considering a trust, these could include:
There are numerous advantages to placing assets in trust. You are able to retain control of the assets and their ultimate destination. There are also potential tax advantages to placing assets in trust. If one of your proposed beneficiaries is declared bankrupt, gets divorced or dies before you then your assets are not at risk if they are placed in trust.
We can assist with the establishment of a trust and also the ongoing administration of the trust once it has been set up. This could include dealing with the Trustees’ obligations under the Trustee Act 2000, preparing trust accounts, tax returns and all other matters associated with a trust.