Trust Solicitors
Trusts are powerful tools for safeguarding your wealth for future generations.
By understanding your goals for a Trust both now and after your passing, our specialist Solicitors will recommend the most suitable Trust for your needs.
We also guide Trustees on their legal duties and help them fulfil their obligations under the Trust Deed. Whether your Trust involves residential or buy-to-let property, a farm, a business, or a share investment portfolio, you can be assured our Solicitors will set it up correctly.
Located in Nuneaton, we are a diverse, multi-lingual law firm that leverages advanced technology to deliver streamlined, effective Wills, Trusts, and estate planning advice and representation. Our extensive experience in private client law has earned us a strong reputation for excellence, supported by the UK’s leading Barristers, King’s Counsel, Estate Agents, Independent Financial Advisers, Tax Advisors, Surveyors, and Business Succession Planning Advisors who can assist our Wills, Trusts, and Estate Planning Department if needed.
Common Questions About Trusts
What is a Trust?
A Trust is a legal arrangement allowing you (the Settlor) to transfer assets into the Trust for the benefit of others (the Beneficiaries). The Trust is managed by Trustees selected by the Settlor.
What are the benefits of setting up a Trust?
There are several advantages to establishing a Trust, including:
- Tax planning opportunities
- Provision for vulnerable family members through Trust income
- Preservation of wealth within your ‘bloodline’, protecting it from divorce or bankruptcy of your descendants
- Separation of life insurance from your taxable estate
What are the different types of Trusts?
Various types of Trusts exist to suit different needs. Our Solicitors will take the time to understand your objectives and recommend the best type of Trust to achieve them.
Here are summaries of some common Trust types:
Bare Trusts
The simplest form of Trust. Assets such as residential property or shares are placed in the Trust, and the Beneficiary has the right to the capital and income once they turn 18.
Interest in Possession Trust
The Beneficiary is entitled to the income (minus expenses) from the Trust assets but not the capital.
Discretionary Trusts
Trustees have the discretion to decide how the Trust’s income and capital are used, as outlined in the Trust Deed. Discretionary Trusts are often used to provide for future needs, such as paying for private education for future generations.
Settlor-Interest Trust
This Trust allows the Settlor or their spouse or civil partner to benefit from the Trust. For instance, you could place your home in a Trust that allows your spouse to live there for their lifetime, after which the property passes to your children.
What are the legal requirements for creating a Trust?
To establish a Trust, the following must be certain:
- The Settlor’s clear intention to create a Trust, not to make an outright gift to the Trustees for their benefit.
- The Trust assets must be clearly defined. For example, if the Settlor is placing shares in the Trust and owns shares in multiple companies, the Trust Deed must specify which shares are included.
- Identification of the Beneficiaries. A Trust must have identifiable Beneficiaries, except for Charitable Trusts, which can be set up for a specific purpose, such as protecting a particular animal species.
Our Trust Solicitors will draft the Trust Deed with precision to ensure your instructions are clearly documented. We will also ensure all administrative provisions for specific assets are recorded, such as authorising Trustees to continue trading if the Trust includes a business. The Trust Deed can also limit Trustees’ liability, which is important if they are not professionals.
Why Choose Us?
Our Trust Solicitors have an in-depth understanding of Trust law and will ensure your objectives in creating a Trust are met effectively.
People choose and recommend us because we genuinely care about them, their families, and their futures. Our Wills, Trusts, and Estate Planning Solicitors are dedicated to achieving results in the most cost-effective, efficient manner possible. This dedication has made us one of the most successful and busiest private client law firms in Nuneaton and Warwickshire.
Cocks Lloyd Solicitors provides exceptional Trust Solicitors and Wills, Estate & Trusts services to clients. People choose and recommend us not just in Nuneaton, Tamworth, Atherstone, Hinckley and Leicester, but across Warwickshire, Staffordshire, Leicestershire and the West Midlands, and the whole of the UK, because we get results.
To receive expert advice and representation regarding Trust Solicitors and Wills, Estate & Trusts, please contact us using the form below, call us on (0247) 6641642, email via the Request a Callback form on this contact page.