Trusts in Nottingham

Trusts

What is a Trust?

A trust is a legal arrangement where one or more people or a company (called the trustees) controls money or assets (called the trust property), which they must use for the benefit of one or more people (the beneficiaries).

You can put money, investments or other assets into the trust. Depending on the type of trust you use, it might have to pay tax and the trustees might need to complete tax returns.

When you might use a trust

You might set up a trust:

  • to support someone who can’t manage their money – so their needs are looked after, even when you aren’t able to help them, or
  • to make sure that your own money is used to look after you if you can’t look after yourself.

A trust can be especially useful if you have a child with a mental health condition or learning disability, and you’re worried about how they’ll manage financially after you die.

They can also help someone with a mental health condition or learning disability who’s claiming State benefits, such as Disability Living Allowance (or Personal Independence Payment), or getting cash help from their local social services department.

The benefit payments can be made to the trustees, who’ll use them according to the rules of the trust.

People often set up trusts for children.

Benefits of Trusts

What are the Benefits of trusts?

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Control Of Your Wealth

You can specify the terms of a trust precisely, controlling when and to whom distributions may be made. You may also, for example, set up a revocable trust so that the trust assets remain accessible to you during your lifetime while designating to whom the remaining assets will pass thereafter, even when there are complex situations such as children from more than one marriage.

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Protection Of Your Legacy

A properly constructed trust can help protect your estate from your heirs’ creditors or from beneficiaries who may not be adept at money management.

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Privacy And Probate Savings

Probate is a matter of public record; a trust may allow assets to pass outside of probate and remain private, in addition to possibly reducing the amount lost to court fees and taxes in the process.

How can Seagrave French help you?

How can Seagrave French help you?

“Trusts aren’t just for the very wealthy”

Trusts can be used as part of a wealth protection strategy to protect assets as well as tax planning vehicles, particularly as part of inheritance tax planning.

We can advise on the setting up and running of…

  • Discretionary trusts;
  • Accumulation and maintenance trusts for children;
  • Interest in possession trusts.

We can deal with all trust accounting and tax matters on your behalf.

Contact Us

Whatever your ambitions, we will commit to them wholeheartedly and deliver the premium service you deserve. Get in touch today to book a chat with the experts at Seagrave French.

enquiries@seagravefrenchbaa.com

0115 9415193

1 Poplars Court, Lenton Lane, Nottingham, NG7 2RR

M-F: 9am-5pm, S-S: Closed

Seagrave French Chartered Accountants

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