Trusts

A trust is created when you transfer assets to other people (‘the trustees’) and ask them to hold the assets on somebody else’s behalf (‘the beneficiaries’). The trust can be established during your lifetime, often called ‘a lifetime trust’, or by your Will, often called ‘a Will Trust’.

We have been advising the people of West Lancashire and surrounding areas for over 200 years in relation to the use of trusts.

There are numerous reasons why you might be considering a trust, these could include:

  • Wealth preservation – you may want to ensure that your family benefits from your wealth but do not want there to be scope for the wealth to be unnecessarily dissipated.
  • Asset protection – you want to protect your assets from events which may occur in future
  • Disabled beneficiaries – you may want to benefit a disabled beneficiary without it having an impact on any benefits they may receive.
  • Tax – there may be tax advantages to placing assets in trust; for example Inheritance Tax.

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.

There are a wide variety of trusts which can be utilised to achieve your goals and you should always seek the advice of a qualified solicitor when considering a trust. Our Michael Prendergast is a member of the Society of Trust and Estate Practitioners and has experience of dealing with all kind of trusts.

Over the years we have advised many people across Ormskirk, Skelmersdale, Wigan, Parbold, Burscough, Formby, Southport and throughout Lancashire, Merseyside and nationwide for generations in relation to trusts. Our specialist trust solicitors will be able to help you with your legal requirements.

If you would like further information about Trusts please call our offices or email Michael Prendergast.

01695 574201

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