Trusts
Our expert Trusts Solicitors are renowned across Cheshire, the North West, and the whole of the UK for their first-class legal knowledge and the high standard of client care they provide. We are by your side, and work efficiently towards your goals.
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Tailored Trusts Legal Advice
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At Rowlinsons our specialist trust solicitors can help you with establishing and managing trusts to ensure your wishes are carried out no matter what.
We help people from all walks of life including high-net-worth individuals who need in-depth advice to those with simpler estates looking for peace of mind. Whether you’re using trusts to improve the tax efficiency of your estate, provide for a loved one, or protect an asset we’ll advise on the best arrangement for you.
Our friendly team of expert Wills, Trusts, and Estate Planning Solicitors offer comprehensive legal advice tailored to your unique circumstance. Several of our lawyers are members of STEP (the Society of Trust and Estate Practitioners) so you get highly specialised advice in this often-misunderstood area of law.
In recognition of our expertise, we were awarded the Excellence in Private Client Award from the National Law Society in 2018. Rowlinsons Solicitors was also Highly Commended in the Boutique Private Client Team of the Year category at the British Wills and Probate Awards 2023.
Our experienced trust solicitors can guide you on the most efficient way to set up a trust. We’ll also help you write a clear, comprehensive letter of instructions make it easy for trustees to fulfil your intentions.
Whatever your situation, you’ll have direct access to your solicitor when you need it. We’ll take the time to explain matters as clearly as possible so that you fully understand your options to make the best decisions for you.
We can help you decide who to appoint as trustee or assist you in your trustee duties if that’s your role. We can also act as professional trustees ensuring that your trust is managed intelligently and impartially, even after you’re gone.
Rowlinsons is a leading full-service firm in Cheshire which means we can call on the expertise of any of our departments to give you tailored specialised advice. If you want to establish a trust during your lifetime or write a trust in your will, contact us today to find out how we can help you achieve your goals.
A trust is a legal mechanism that allows you (the settlor) to transfer assets such as property, money, or investments to trustees, who manage them on behalf of the beneficiaries. Trusts are highly versatile, offering solutions for a wide range of financial and familial situations. From enabling long-term care for a relative to ensuring your estate is passed down in a tax-efficient manner, a well-structured trust can provide peace of mind and financial security.
There are various types of trusts, each designed to meet different needs. Common examples include discretionary trusts, life interest trusts, and bare trusts. Each type has its own legal and tax implications, and our team can help you understand which option is best suited to your goals.
When establishing a trust, you will need to appoint a trustee to manage the assets within the trust and oversee the distribution of income or capital to the beneficiaries. Trustees can be any individual over the age of 18, including a family member, a trusted friend, or a professional such as a solicitor. In some cases, you may choose to act as a trustee yourself, and it is also possible to be both a trustee and a beneficiary. This allows you to retain certain financial benefits from the trust, such as receiving rental income from a property or dividends from shares, even after transferring ownership of the assets to the trust.
The key benefits of using trusts are flexibility in estate planning and the ability to make sure that what you want to happen does happen.
With a bare trust you can name a specific beneficiary or beneficiaries which lets you ensure that a loved one is financially supported now and in the future.
With a discretionary trust you can provide for a class of beneficiaries such as your grandchildren and subsequent generations of your family. This means children who aren’t even born yet can be financially provided for. Trustees are bound to follow the instructions left in the trust deed and act in the best interests of the beneficiary, so your loved ones are protected.
Because a trust sits outside your estate for tax purposes, it won’t be included for inheritance tax when you die. For estates that exceed £325,000, which is the nil rate band for inheritance tax, the effective use of trusts can minimise your tax liability. However, it’s important to bear in mind that trusts are still subject to taxation, including capital gains tax and income tax.
Depending on the type of trust used, there may be an immediate charge to inheritance tax for the value of assets over the nil rate band. That’s why it’s essential to get professional inheritance tax planning advice before you set up a trust.
If your family has significant wealth and you want to avoid the wrong people getting their hands on it a trust can safeguard assets from creditors in bankruptcy or financial claims in divorce. In addition, a trust gives you the reassurance that you can retain control of assets earmarked for beneficiaries who may be unreliable with money.
Any assets in trust may also be out of reach of a local authority care fees assessment, however you need to be careful if that’s your goal because there’s a risk that will be seen as a deliberate deprivation of assets and you might be assessed as if you do still own the asset.
You may want to establish a trust or trusts in a will as part of your estate planning. This enables you to structure your estate more tax efficiently and make the probate process easier for your executers. If you hold a life insurance policy in a trust it pays out immediately on your death and can be used to go towards paying any inheritance tax due on the estate.
A lifetime trust might be the right option for you if you want to retain the benefit of any asset while removing it from the value of your estate. For example, if you want to continue living in the family home but would like to transfer it to the next generation now. It’s worth noting, however, that if you die within 7 years of transferring the property (or any other asset) into a trust it may still be included in your estate for inheritance tax.
When you want your money to help others, a trust is an excellent way to manage assets for the benefit of someone else whether that be a charity, a minor, or a vulnerable person. Trustees will manage the assets on their behalf while making their best interests paramount so you can effectively take care of a loved one or support a cause close to your heart.
Rowlinsons Solicitors has extensive experience in all aspects of trusts and can guide you on the most effective way to meet your goals.
A bare trust is commonly used to hold assets on behalf of younger beneficiaries or those who don’t have the mental capacity to manage them. The asset is held in the trust for the benefit of a specifically named individual or individuals. The trust fund belongs to them, to be passed on when it is appropriate to do so.
With a discretionary trust, you can nominate a class of potential beneficiaries. For example, grandchildren and their descendants. This type of trust is more flexible because it gives the trustees the power to decide when to give the income or assets to the beneficiaries. It also gives the settlor more control over what happens to family assets long-term.
It might seem simple to just give your loved ones their inheritance while you’re still alive, but this can come with inheritance tax implications. Transferring the asset into a trust can be a more tax-efficient way of passing it on. Bear in mind, once the asset is transferred into a trust, you can’t get it back so you need to be sure before you make that decision.
We can provide ongoing advice to trustees regarding their role in managing trust assets and distributing income or capital to beneficiaries. If you need to make any changes, we can assist with changing trustees, adding new beneficiaries where the trust permits, and updating letters of wishes helping you keep your plans up to date.
Considering a trust when you are writing a will can help mitigate inheritance tax. Not only for you but also for your surviving spouse. For example, rather than passing assets inheritance tax-free to your husband or wife, you can transfer property, money, or financial assets into a trust. Your spouse can then use what nil rate band is left and combine it with theirs to maximise inheritance tax savings on their estate.
This type of trust is useful for providing a home or income for a surviving spouse after the first person dies while ensuring the trust assets eventually pass to your children or grandchildren. This type of trust in a will can ensure that the family home will not be included in means-based care assessments from the local authority should the surviving spouse need long-term care in a nursing or residential home.
Our expert Wills, Trusts, and Estates team can advise you on the trust options available and their tax implications so you can make the right choice for you and your family.
If you are considering setting up a trust in order to make an efficient plan for your estate planning, or to carefully provide for family members and loved ones, contact the team of Trust Solicitors at Rowlinsons.
Our specialists are always available for a free, no-obligation assessment of your circumstances, and will be able to provide expert and tailored legal advice that works for you. We are on your side and by your side to ensure your interests are protected for years to come.
We have years of experience helping clients in Warrington, Widnes, St Helens, Chester, Northwich, North Wales, and across the UK from our offices in Frodsham and Runcorn (Sutton Weaver). Our team was awarded Highly Commended in the Boutique Private Client Team of the Year category at the British Wills and Probate Awards 2023, and includes members of STEP (the Society of Trust and Estate Practitioners). These credentials highlight our commitment to excellent legal advice and client care.
Contact Rowlinsons today to speak to one of our specialist Trust Solicitors, and begin the process of setting up or managing a trust effectively.
Call us today for an initial no obligation call or click here for a call back. We also have meeting facilities in North Wales by appointment.
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