Bailey & Cogger solicitors in Tonbridge have a long history in successfully establishing a huge variety of trusts for the residents of Kent. Trusts are an excellent way to retain control of any gifts of money or assets that you may wish to pass to a loved one, charity, or organisation. Instead of giving in one lump sum, with a trust you can choose exactly under which circumstances they are to receive the offering and the amount of instalments if appropriate. For example, you may wish to open a trust for a young grandchild but they are only to receive a lump sum once they turn a certain age, and then a nominated amount annually each year thereafter. Or perhaps you wish for the sole purpose of the gift to be just beneficial towards the purchase of a first property or to finance a wedding.
Three people are named and involved when it comes to trusts. The settlor is the individual who creates the trust, the trustee is the person who is authorised to manage the trust and the beneficiary is the party which will receive the content of the trust.
There is an element of tax planning that must be factored in when determining the amount within and the details of any trust you may create. Our tax planning experts can work through this all with you to give you a clear idea of your range of options and potential implications both to yourself and the beneficiary.
There are four main types of trust available:
- a bare trust, which is normally used to pass on money to children and which involves the trustees managing the trust until the children reach the age of 18, at which point they become entitled to everything held in the trust;
- an interest in possession trust, which is commonly used to ensure one beneficiary receives an income for the rest of their life, but when they die any capital in the trust passes to someone else;
- a discretionary trust, which is commonly used where the settlor is happy to allow the trustees to decide how much each beneficiary should receive based on an assessment of their respective needs at different stages of their lives; and
- a charitable trust, which can be used to make donations for various charitable purposes, including the relief of poverty or the advancement of education.
Our private client trusts solicitors will:
- consider your circumstances and whether a trust may be appropriate;
- discuss the different types of trust available and recommend which one would best meet your objectives;
- set up the trust on your behalf and ensure all legal requirements are complied with;
- help you select trustees or refer you to our professional trustees team;
- explain the tax implications arising from trust arrangements;
- provide ongoing support to you and the trustees if you require it; and
- help with the restructuring of existing trusts, particularly on behalf of farming families and landed estates.
Advising individuals and families throughout Kent and beyond
We can also offer meetings at your home, or over the telephone via Skype if you have the need to travel abroad extensively.
How much does it cost?
We offer a free initial 30-minute appointment to discuss your requirements. After that we can agree funding arrangements to suit your budget.
Get in touch
Call us on 01732 353305 if you need our help. Alternatively, please complete our Contact Us form and we will be in touch with you as soon as possible.