Lifetime Trusts

A Lifetime Trust is a legal arrangement created during an individual's lifetime, under which assets are transferred to Trustees to hold and manage for the benefit of one or more Beneficiaries. The person making the Trust (known as the Settlor) sets out the terms in a formal Trust Deed, which governs how the Trust operates and how assets may be used or distributed.

​​

Lifetime Trusts are a flexible and effective planning tool, often used as part of wider estate, tax, and asset protection planning.

​

Lifetime Trusts can be used in a wide range of circumstances, including:

1. Estate and inheritance planning - Helping to control how assets pass to future generations.

2. Asset protection - Safeguarding assets for beneficiaries who are young, vulnerable, or financially inexperienced.

3. Providing for family members - Supporting children, grandchildren, or dependents in a structured and controlled way.

4. Property ownership and management - Holding residential or investment property within a Trust structure.

5. Tax planning - Managing inheritance tax exposure and, where appropriate, income and capital gains tax.

6. Maintaining control - Allowing the Settlor to impose conditions on when and how Beneficiaries benefit.

​

There are many benefits to Lifetime Trusts including, the Settlor determines how assets are managed and distributed, assets are held separately from Beneficiaries' personal finances, Trustees can continue to manage Trust assets if the Settlor becomes incapacitated or dies, Trusts are generally private and do not become public documents like Wills, assets held in Trust can often pass without delay or the need for probate, ensures assets are used responsibly and in line with the Settlor's intentions.

 

Important Considerations

While Lifetime Trusts can provide significant benefits, they also involve legal, tax, and ongoing administrative responsibilities. The suitability of a Lifetime Trust depends on individual circumstances, objectives, and the type of assets involved.

 

Professional advice is strongly recommended to ensure the Trust is structured correctly, compliant with current legislation, and reviewed as circumstances change.

We provide legal and tax advice on all forms of family Trusts and can prepare Trust Deeds, Letters of Wishes and other ancillary documents as required throughout the life of a Trust.

​

The Trustees have significant duties and responsibilities. We can assist family members in ensuring they discharge their duties and responsibilities properly. Sometimes there are advantages to appointing professional trustees, and we are happy to act as trustees where appropriate and when requested.

​

Trust management is also an important factor in ensuring that they are robust and achieve the objectives for which they were created. Our role in relation to the management of a trust can vary depending on the circumstances and the customer's wishes. In some cases, we prepare Trust accounts and deal with the Trustees' annual tax compliance; in others, we deal with all day-to-day trust management.

​

Most of our services are provided on a fixed-fee basis to keep prices as simple as possible. For non-fixed-fee work, we charge based on the time spent on your matter in accordance with our hourly rates applicable at the time. Depending on the service you select, your case will be managed by our solicitors, case managers, and paralegals and supported by our administrators. Each case is allocated to the most appropriate team member, all of whom have many years of experience. From the outset, it will be made clear who your primary contact will be.

 

All appointments can be sat via telephone or virtually to suit you. We offer services in multiple languages, including Punjabi, Hindi, and Urdu. If you have hearing loss or a speech impediment, we are happy to take instructions via Relay UK. We welcome all customers and will do our best to accommodate any additional needs you may have.

 

Stated time frames are based on our receiving full, clear and substantiated instructions. Delays may occur if we need to clarify or review the information we have been given.