Setting Up a Trust.
Our Solicitors can help you with setting up a trust that is right for your circumstances, ensuring your assets are protected and your wishes for the future are clearly set out.
Setting up a trust in England and Wales is a complex process, but with the support of Lanyon Bowdler you can be sure to reap all the benefits without excessive expenses or stress.
Trusts offer flexibility, control, and potential tax advantages, making them a valuable tool in estate planning. Establishing a trust can be a significant step in managing and protecting your assets for the benefit of your loved ones or chosen beneficiaries.
When creating a trust, there are a number of considerations that must be made to ensure the safe succession and protection of assets from excessive tax, mismanagement of funds, and undue claims or disputes. This is why seeking expert legal advice from specialist Estate Planning Solicitors is crucial.
If you are considering creating a trust to plan the succession of your estate, contact Lanyon Bowdler today.
While each trust setup is unique because of the aim and contents of the trust, we can identify some of the key steps you are likely to take in the creation of your trust.
By identifying the purpose of the trust and what you are trying to achieve by setting it up, we can help you choose what type of trust you should establish. The most common types are:
Each type of trust will have its unique benefits, and choosing the right type is fundamental to the success of a tailored succession plan for you and your loved ones.
The selection of trustees is a very important step. The decision cannot be made on your personal relationship with the person alone, but, instead, should take into account their financial attitude and trustworthiness. Being nominated as a trustee is a big responsibility, and you should only assign it to someone you trust to protect your interests.
A trust deed is the legal document outlining the details, contents, and trustees of the trust you have created. This will always be done by a qualified solicitor, as the terms of the trust need to be clearly defined and comply with tax and legal strictures within the legal that apply to trusts in the UK.
Once the deed is drafted, the trust can start to receive ownership of the assets you are planning to transfer to it. These will generally be cash, property, company shares or investments, and it is important to consider the tax implications of the transfer at this stage to ensure the trust is not unduly or excessively impacted by Inheritance Tax (IHT).
Your trust will usually need to be registered with HM Revenue & Customs (HMRC), even if it is not a taxable trust. Lanyon Bowdler can help you complete this process and ensure complete legal compliance.
Setting up a trust can help you control what happens to your money and assets after you die. It decreases the risk of them being misspent, lost, or overly taxed during the administration and distribution process of your possessions.
Trusts also adapt to your situation as life goes on. For example, it can protect your assets if your partner remarries after your death, or if one of your beneficiaries is more likely to spend your money unwisely. You can ensure their needs are met while protecting your interests for the future.
The cost of setting up, administering, or managing a trust can depend on many factors, most importantly the size and complexity of your estate. You may also require additional services after the trust is set up, and other costs may apply such as taxes, exit charges, and accountancy services.
To find out the cost of setting up a trust for your estates, contact Lanyon Bowdler today. Once they know more about your circumstances, our specialist solicitors will be able to guide you through your options, and make the most effective plan tailored to your needs.
Many people appoint trustees only based on their family or personal relationship, but this should not be the only factor. Choosing a trustee is a decision with many legal ramifications, and should not be done lightly. Some of the considerations to make include:
You may also consider the option to appoint a professional trustee, such as the legal professionals at Lanyon Bowdler. Choosing Partners of our Firm as a trustee means a guarantee of trustworthiness, expertise, and continuity in the management of your trust.
Creating a trust can be a complex process, and it is not rare to see mistakes in the way trusts are set up. These errors can be costly, both financially for you and your family, and in terms of long-term consequences.
This was our second interaction with LB and in both cases we found our solicitor approachable, efficient and very knowledgeable. I am sure we could have found a cheaper solicitor but we were looking for a thorough professional which is what we got
Highly recommended solicitors.
A professional and efficient team who have provided a excellent legal service.
Our business was done in our first language (Welsh) which was very important for us. We were contacted at every step throughout the procedure in a friendly manner every time.
Diolch yn fawr.
Excellent service. Very professional and approachable, clear advice given and time spent to deliver the advice.
We required the drafting of new wills to ensure that in the event of one of us going into care the cost would be kept to a sensible level that protected the interests of the other partner. This was done to our great satisfaction with the smoothest of procedures.
Excellent advice and service – everything well explained and carried out.
Lasting Powers of Attorney – we have been clients with Lanyon Bowdler for decades and have always been happy with the service.
From the initial meeting to completion of my wife Jayne and my will, the process was seamless, efficient and easy to understand. This was despite our wills involving two businesses, a commercial property owned by my SIPP, in addition to our own house and chattels. The price was fair and we were both very satisfied with the end result. We would definitely recommend Lanyon Bowdler based on our experiences.
Making a will can be a minefield of mixed emotions and an overload of information and choices as there are so many options, and prices. In the end we decided to go with Lanyon Bowdler and contacted them for a consultation. We were completely impressed with their professionalism and customer service also the way the look after their clients. Thank you for all your help and patience we would definitely recommend your services.
From the first contact, the team at Lanyon Bowdler gave a fast & efficient service. They were very friendly & gave me the confidence that I had found the right solicitors. The advice given & the fast responses were beyond my expectations. The matter was resolved in no time at all.
Good initial meeting, written communication, documentary guidance and good advice on my will.
We sought guidance and advice on Power of Attorney which was delivered in a most understandable and efficient way. The conclusion and production of same followed in the same manner which pleased us greatly.
All the staff at your Bromyard branch are a credit to your company!
Since dealing with Lanyon Bowdler they have been diligent, efficient and at all times very helpful along with being structured in dealing with matters, fees and clarity on all levels. Thank you.
I was clearly informed of progress step by step. The service you provided was very good.
All work carried out effectively and efficiently.
I felt safe that Lanyon Bowdler understood both my concerns and requirements. I would use again and recommend.
An excellent service with solicitors that you can talk to and who give you a clear understanding of all necessary legal implications and interpretations.
A fluent welsh speaking solicitor from an agricultural background, provided an in depth assessment and good advice in distributing the inheritance of the family farm.
From start to finish we had excellent service. Friendly, approachable and professional.
Very clear, concise advice and guidance, easy to understand.
Good service provided throughout with clear communication throughout with all options explored.
I can thoroughly recommend the highly professional and supportive service received over the last few months.
Responsive, supportive, approachable, clear and empathetic.
Professional and prompt communication. Supportive and client focused.
Whenever I have had need to contact Lanyon Bowdler I have always received a fast, concise and friendly response.
Definitely would use Lanyon Bowdler again if I need the use of a solicitor.
Smooth and efficient service from very professional firm.
We were particularly impressed with the quality of work, the speed and excellent communication.
Very friendly and approachable. Very good advice
Very professional and approachable. I was updated as to progress regularly. The final costs reflected good value for the service provided.
Great Service; Lanyon Bowdler were excellent from the outset. Straightforward and easy process. I just sat back and waited.
Everything has been professional, efficient and courteous throughout and we are very pleased, both with the service and with the eventual outcome of our case. Everything was first class and exceeded our expectations. Thank you again for providing such splendid service. It is really appreciated.
At Lanyon Bowdler, we are here to help you set up a trust that works for you. Our expert Trust Creation Solicitors will keep you informed, talking you through each step of the process, so you can make informed decisions to achieve your goals.
As a full service law firm in Wales, our Trust Solicitors are highly skilled in the creation of effective trusts that protect your interests after you’re gone, ensuring your family and loved ones are taken care of while respecting your wishes, whatever your circumstances are.
Our team has decades of experience supporting clients across England and Wales. From our offices in Shrewsbury, Bromyard, Conwy, Hereford, Ludlow, Oswestry, and Telford, we have helped clients Set Up Trusts in Shropshire, Herefordshire, Mid and North Wales. We can help with all aspects of trusts, from set up, to management, to estate administration. Our expertise makes us the ideal choice for Setting Up Trusts in Birmingham, Wolverhampton, and Worcester.
At Lanyon Bowdler, we will always act with your best interests in mind. Contact us today to find out how we can help you.
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