A trust deals with the formal transfer of assets (e.g. property, shares or monies) to a small group of people (trustees) to be held by them for the benefit of others (the beneficiaries).
Uniquely, trusts separate the legal and beneficial ownership of assets with the trustees being the legal owners and the beneficiaries being the beneficial owners.
A well-structured trust aids in preserving and enhancing a clients’ assets by advising on succession planning, tax planning and tax saving opportunities. Trusts can be used to transfer assets to other generations in a structured way that minimises tax liability while formalising the client’s intentions.
Trusts are an excellent vehicle for asset transfer, offering flexible solutions for a wide range of wealth planning, family or business requirements. Trusts can be used to hold all types of assets including property, stock portfolios, investments, land, trading businesses and intellectual property.
To ensure effective trust administration we work closely with trustees in matters relating to:
Lanka Bandara, Head of Private Client at Comptons Solicitors explains why a Lasting Power of Attorney (LPA) may need updating in the UK under certain circumstances.
Writing Wills and Estate Planning may seem to some, something to get round to in the future. But rather alarmingly, a recent IRN Wills and Probate Research Report, titled UK Wills & Probate Market 2020: Consumer Research Report*, has found that fewer than 4 in 10 adults in the UK have made a Will, despite owning a property.
A Lasting Power of Attorney (also known as an LPA) is a legal document that can be used to appoint someone else to make decisions about your own assets, health and welfare.