PM Law solicitors in Sheffield offer assistance in creating or administering a trust and protecting your assets;
What is a trust?
A trust is a relationship whereby property, whether that be land, money, assets for example is held by one party for the benefit of another. The trust is governed by the terms under which it was created which are usually written down in a trust instrument or deed.
What is the purpose of a trust?
There are many purposes that a trust can fulfil. You can make gifts to individuals of anything from money to property, which may not always be appropriate if the beneficiary is very young, or financially irresponsible, through a trust.
The use of a trust may be more appropriate as part of basic inheritance tax planning and you may prefer to leave the decision making process to people you can trust following your death. You can take the value of property, outside of your estate without losing control of it and avoid excessive liability to Inheritance tax.
Trusts can be used for monies received as a result of a successful personal injury claim. Where the money in trust is compensation paid for any personal injury to the beneficiary, the value of the trust fund and the value of the right to receive any payment under the trust is disregarded for some benefits considerations.
We can help…
Speak to PM Law solicitors in Sheffield for further information or assistance in creating or administering a trust and protecting your assets on 0114 296 5444 or get in touch via the contact form below.