A trust is a way of dealing with family assets that has been used for centuries and can still play a useful role in estate planning.
There are different types of trusts for different circumstances. A trust can be set up during one’s lifetime, on death by a Will, or arise when someone has died without leaving a Will and the Intestacy Rules apply.
The trust itself may last for a fixed period of time, for just a few years until a specified event takes place, or, be more open ended. One particular type of trust, a Discretionary trust is often used for Inheritance Tax planning.
Over the last 15 years we have built up considerable expertise in dealing with trusts for people with learning difficulties and other mental disabilities and we work regularly with families and parents who have a family member in this position.
We can offer suggestions as to how and when trusts may be appropriate and advise the trustees on the day to day requirements of running the trust.