It also gives you a way to look after people in situations that a Will alone cannot always cover cleanly, especially where family circumstances are more complicated than they first appear, such as second marriages or children with additional needs.
Our trust solicitors, part of our wider wills and probate team, take the time to understand your full situation before recommending what actually suits you, since every family arrives with a different set of circumstances and different priorities for what a trust needs to achieve.
If you have remarried, particularly where you now own a property jointly with a second spouse, the children from your first marriage can lose out on their inheritance without the right planning in place. Our trust solicitors can set funds aside specifically for them, so that only they benefit from it, regardless of what later happens to the rest of the estate.
A trust can also make sure your children are properly provided for, particularly if they are young or need special care. Many people set one up for exactly this reason, so their children are looked after without financial hardship whatever happens, and so the right people are managing the money on their behalf until they are old enough to do so themselves.
A trust can also help protect assets from future Inheritance Tax, though it needs to be drawn up carefully to remain legal and effective. Our team will make sure yours is structured correctly from the outset, and will explain plainly what it does and does not achieve.
You can also set up a trust to provide ongoing funds for a cause you care about, rather than a single one off gift, so that your support continues well beyond your lifetime.
We will talk you through the options in plain English, agree what the trust needs to achieve, and handle the paperwork and registration so everything is in place correctly from the start.
Every family’s circumstances are different, so it is worth talking through exactly what you want a trust to achieve before deciding on the right structure. Contact your nearest Hine Solicitors office or complete our enquiry form to arrange a time with Wendy Flawn, Samantha Stafrace, Adam Bragg and Jade Bacon.
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