Trusts are beneficial in many circumstances, whether to protect beneficiaries who are very young, or for vulnerable beneficiaries reliant on mean-tested care and support, maximising the efficient distribution of high value estates, or allowing distribution between beneficiaries to be longer-term and flexible according to individual needs.
Almost every Will contains a trust of some kind. It is also possible – and often beneficial – to set up trusts during your lifetime. This specialist area of law requires expert advice, and the lawyers we engage to draft trusts in England, Wales and Scotland are all experts in the field.
We will always discuss the potential benefits of a trust with all our estate planning clients. The terminology can be confusing: discretionary trusts, bare trusts, vulnerable beneficiary trusts, trusts for minors. We do not consider our job to be complete until we are confident that our clients understand the principals of trust planning and how the structures will protect the interests of their beneficiaries.
To find out more about how trusts could work for you and your loved ones, please get in touch.