TRUSTS

The creation of a Trust requires specialist advice. Simon Goldring, a solicitor and member of the Chartered Institute of Taxation has advised and established numerous Trusts throughout his 25 years experience both in the UK and internationally, in many cases acting as a trustee to provide ongoing support.  The following are some key points to consider;

Ø      A Trust is a vehicle into which assets are passed by a person to trustees who have a responsibility to hold and apply the assets upon the terms of the trust for the benefit of defined persons specified within the trust;

Ø      Trusts can be used for a variety of purposes, for example:-

Ø                 As an alternative to passing assets by Will which could save a great deal of time and give greater flexibility as to the timing and terms under which assets are distributed (Estate Planning);

Ø                 To avoid or mitigate tax (Tax Planning);

Ø                 To safeguard assets for the benefit of children, including the provision of education, ensuring protection for their benefit and distribution at the appropriate time (Family Protection);

Ø                 To protect assets against the claims of others (Asset Protection);

Ø                 To preserve the family fortune (Asset Preservation);

Ø                 To ensure the continuation of family businesses (Business Preservation);

Ø                 For charitable benefits (Charitable Giving).

Ø      Trusts come in a variety of forms, for example:-

Ø                 They can provide a person(s) with a right to enjoyment of assets during their lifetime with no absolute right to the capital of the assets (Life Interest Trusts);

Ø                 They can provide for the distribution of the capital or income amongst a wide class of persons at the trustees discretion (Discretionary Trusts);

Ø                 They can provide for the education and general and benefit of children or grandchildren (Accumulation and Maintenance Trusts);

Ø                 They can be used for offshore planning (Offshore Trusts);

Ø                 They can be used a personal vehicle to facilitate charitable giving for specific charitable purposes (Charitable Trusts).

FOR A PERONALISED APPROACH TO TRUST PLANNING AND AN INITIAL NO CHARGE CONSULTATION PLEASE CLICK HERE