We operate probably the largest trust team in the region, so we can guarantee that you’ll benefit from specialist expertise and valuable experience in this complex area. Our private client partner, Fergus Beadle, will be happy to talk to you about how our trusts and estates services can work for you. Call him on 0113 297 6737 or email email@example.com for more information.
Whilst trusts are undoubtedly an important tool to help protect your estate from unnecessary Inheritance Tax (IHT) when you die, perhaps fewer people realise their real strength in enabling you to manage difficult issues such as protecting your family and passing on your business to a different generation.
Many people have a straightforward view of what they want to happen with their assets or their business in the future. Unfortunately, life has a habit of throwing up the unexpected to disrupt your plans (for example, a family member with a long term illness, a grandchild with special needs, an adult child getting divorced, or just the realisation that it’s your granddaughter and not your son who’s best-placed to take over your business). Using trusts can give you the flexibility and control to cope with changing circumstances.
Trusts also allow you to protect your surviving spouse or other beneficiaries from the problems, pressures and unwanted attention often associated with inheritance. So, for example, if you feel that your children wouldn’t be ready to inherit at 18, but might be better waiting till 21 or 25, you can build this into the trust requirements.
Certainly if your estate is worth more than £325,000 (£650,000 for couples) then it makes sense to explore how you could benefit from using trusts.
We advise a broad range of clients on setting up different types of trusts, linking this in with wider tax and business succession planning if appropriate. Our team can take care of all trust administration matters and several of our partners and consultants are experienced trustees. When someone does die, we can also deal with the estate, preparing the necessary accounts and tax calculations.