Trust Solicitors

Protect and manage your assets with confidence. Our experienced trust solicitors can help you set up, administer or review a trust with clear, practical advice tailored to your family and financial circumstances. Call 0800 086 2929, email info@elitelawsolicitors.co.uk or complete our Free Online Enquiry Form to book your free initial consultation.

Trusts can be a highly effective way to protect family wealth, manage property or investments, provide for children or vulnerable beneficiaries, support succession planning and ensure that assets are dealt with in accordance with your wishes. Whether you are looking for advice on creating a trust, or guidance on managing an existing trust, our private client team can provide clear, practical and commercially focused legal advice.

Our specialist trust lawyers can help you understand whether a lifetime trust, discretionary trust, Will trust, bare trust, interest in possession trust or declaration of trust is suitable for your circumstances. We can also advise on the legal implications of trusts as part of wider estate management and inheritance tax planning.

Trust law is complex and the consequences of choosing the wrong trust structure can be significant. Our trust solicitors provide clear, practical and tailored legal advice so that you understand your options, the role of trustees, the rights of beneficiaries, the potential tax implications and the ongoing responsibilities involved in trust administration. Where appropriate, we also recommend that you take specialist tax and financial advice alongside our legal advice.

How our Trust Solicitors can help with Trusts and Estate Planning locally and nationwide

Our specialist trust solicitors advise clients locally through our office network and remotely throughout England and Wales on creating trusts, administering trusts, appointing trustees, dealing with trust assets, protecting family wealth and planning for future generations.

We provide legal advice on a wide range of trust and estate planning matters including:

Setting up lifetime trusts and family trusts
Preparing and advising on Will trusts
Drafting declarations of trust for property and land
Advising trustees on their legal duties and responsibilities
Trust administration and HMRC Trust Registration Service requirements
Advice on discretionary trusts, bare trusts and interest in possession trusts
Inheritance tax planning and estate planning involving trusts
Protecting assets for children, vulnerable beneficiaries or future generations
Changing trustees, adding beneficiaries where permitted and updating letters of wishes

If you are considering setting up a trust, need advice as a trustee or want to understand how trusts can support your estate planning, call us on 0800 086 2929, email info@elitelawsolicitors.co.uk or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion with one of our experienced trust solicitors.

Types of Trusts our Trust Lawyers can set up and advise on

Lifetime trusts: We can advise on and prepare lifetime trusts to place assets into trust now or to receive assets in the future as part of your estate planning arrangements.

Declarations of trust: We advise on declarations of trust relating to property and land, including situations where parties want to record beneficial interests in a property clearly and formally.

Will trusts: We can prepare Wills which include trusts to be set up after your death, or which leave assets to trusts that you or another person have already established.

We can assist you with ensuring that life insurance policies and death benefits pass to a Trust in an efficient manner.

We can provide ongoing advice to trustees regarding their role as trustees and their options.

We can assist with matters such as changing Trustees, adding new beneficiaries where the Trust permits and updating letters of wishes.

We do not advise about Trusts where the person setting them up lives overseas and or where the assets to be held in Trust are overseas.

We do not advise about Charitable Trusts. We can advise about non-charitable Trusts which include charities or charitable organisations as potential beneficiaries.

Common types of Trusts

Bare trust: This is a very simple trust where an asset belongs to someone but is held in another person’s name to be passed on to the beneficiary when it is appropriate to do so.

This trust is most commonly used to hold assets on behalf of younger beneficiaries, to be passed on to them once they reach the age of majority which in England & Wales is the age of 18.

Interest in possession trust: This is a trust where assets are held for the benefit of one person until a certain event occurs when the trust assets pass to another person or group of people.

Often assets are held for one person to benefit from for their lifetime. The initial beneficiary receives all net income from the trust and can use trust assets, for example living in a property held by the trust, but they cannot ‘access the trust capital or assets which are protected for the person or people who will receive them when the initial beneficiaries interest ends.

This can be useful to provide a home and or income for a beneficiary whilst ensuring that the trust assets eventually pass where the person who set the trust up chooses.

Discretionary trust: This is a trust where the trustees hold the trust assets with the power to choose how and when to use income and or capital for the benefit of any one or more of a group of potential beneficiaries.

The potential beneficiaries can include named individuals, groups of people (such as a person’s descendants) and organisations such as charities. This type of trust is often used to limit the access of a person deemed irresponsible with money or otherwise unable to handle the responsibilities of an inheritance, so that the assets can be safely preserved and passed on to future generations.

Mixed trusts: Mixing elements of different types of trusts can be a very effective way to arrive at a solution that’s just right for you, though you will need to bear in mind that each element of it may be subject to different tax rules.

There are different rules and tax exemptions if the trust is set up to benefit a vulnerable person or to take care of someone with a disability or medical condition.

A trust can be tailored to meet your specific needs, and how exactly your trust functions is something you will be able to decide with the help of your solicitor.

How do you set up a Trust?

To set up a lifetime trust, you will usually need a trust deed prepared and signed by the person creating the trust, known as the settlor, and the trustees who will be responsible for managing the trust. Our trust solicitors can advise on the most appropriate trust structure, prepare the legal documents and explain the practical steps involved in transferring assets into trust.

We will take your instructions and advise you regarding the different types of trust following which we will prepare the trust document for you to consider. If required, we will also provide a letter of instructions to the present and future Trustees setting out your wishes and aims for the trust.

When the trust document is complete you will need to transfer the assets being placed in the trust to the Trustees. Elite Law Solicitors can assist with the transfer of property and land to the Trustees. If money is being transferred to a trust the Trustees will need to open a trust bank account to hold that money. If investments are being transferred to the trust we recommend that the Trustees seek independent tax and financial advice.

Once a lifetime trust has been set up it will need to be registered with HMRC’s Trust Registration Service which must be kept up to date. If required, we can complete that process for you.

To set up a Will trust we you will need a Will which incorporates all of the terms of the trust and, where appropriate, a letter of instructions to the present and future Trustees setting out your wishes and aims. Will trusts only come into existence after the death of the person who made the Will so there are no further formalities for the person making the Will.

Passing assets into a trust during your lifetime is an irrevocable decision, meaning you cannot dissolve the trust and reclaim your assets. It should therefore only be done once you are absolutely certain of your decision, and the trustees, beneficiaries and terms should both be decided upon carefully.

What should you consider before setting up a Trust?

There are a number of important things to consider before setting up a trust which include:

The tax implications of setting up the trust and the ongoing taxes
The costs and work involved in setting up and running the trust
Identifying the assets to be placed into the trust
Deciding who you will appoint as trustees
Deciding who will benefit from the trust and how and when they will benefit

Trusts and Inheritance Tax Planning

Trusts are often considered as part of wider inheritance tax planning, estate planning and wealth protection. When you transfer assets into a trust during your lifetime, you may need to consider inheritance tax, capital gains tax, income tax and the ongoing tax treatment of the trust. The right advice at the outset can help reduce the risk of unexpected tax consequences.

If you transfer assets in excess of the Nil Rate Allowance (£325,000) into Trust in any seven year period during your lifetime, the amount in excess of the allowance is subject to inheritance tax at 20%. If you die within seven years of the transfer further inheritance tax at an additional 20% will become due.

A transfer of assets into a trust is a disposal for capital gains tax purposes and therefore if the assets that you are transferring into trust during your lifetime have increased in value since you acquired them that uplift in value will be subject to capital gains tax. We can give you and overview of the capital gains tax position however for a precise calculation you will need to consult an accountant.

On your death any gifts, including transfer of assets into a trust, made in the seven years prior to your death will be taken into account in calculating the inheritance tax due.

Inheritance tax may also be due on assets held in trust when they are transferred out of the trust (exit charges) and on each 10 year anniversary of the trust being set up (periodic charges). This charge is a maximum of 6%.

The income and gains generated by trust assets will belong to the trust and will be taxed at trust rates and not at personal rates.

For more detailed advice regarding capital gains tax, the exit and periodic charges and the ongoing taxation of trusts we recommend that you seek specialist tax advice.

How much does it cost to set up a Trust?

Typically, we will charge around £1,500.00 – £2,000.00 plus VAT to advise you and set up a trust for you.

If the Trustees require ongoing advice and support our ongoing charges will be for time spent at our hourly rate.

Why choose our Trust Solicitors?

Choosing the right trust solicitor is important. Trusts can have long-term legal, tax and practical consequences, so it is essential to receive advice from a team with experience in private client law, estate planning, trust administration and inheritance tax planning. At Elite Law Solicitors, our Private Client Lawyers can offer:

Specialist legal advice on trusts, Wills, estate planning and inheritance tax planning
Clear explanations of trustee duties, beneficiary rights and trust administration requirements
Practical support with HMRC Trust Registration Service obligations where required
Tailored advice for families, property owners, business owners, trustees and beneficiaries
Local and remote appointments for clients in Amersham, Bath, Brighton, Guildford, Hitchin, Leighton Buzzard, Central London, Milton Keynes, Southampton, Surbiton, Winchester and across England and Wales
Transparent pricing and a free, no-obligation initial discussion

“As always I can say that working with Meg Wilton has been exemplary. She had helped us get out of an undesirable relationship with another firm, sorted out the errors and put us all on the right track. We now have perfect Trusts in place and much better Wills going forward. Going forward we all have peace of mind and it is one less worry that we are all grateful that Meg has taken away. Meg is very easy to work with, and it’s nice to be listened to. I have recommended Meg to a number of my friends should they too wish to sort out Trusts and Wills.”

Cost-effective Trust Solicitors with transparent fees

Our services are cost-effective and competitive, and we will always give you a clear indication of our charges. We are happy to provide one-off advice at certain points of the legal process or on particular areas of concern as they arise.

One of our experienced trust solicitors will have an initial consultation with you, free of charge, to discuss your situation in more detail.

Once we understand your circumstances better, we can provide you with a clearer understanding of how we can help you. We will also provide you with a price quotation and a choice of funding methods at the outset.

Our Private Client department can also assist with a broad range of related legal matters, helping individuals and families plan for the future, protect assets, manage estate administration responsibilities and ensure their wishes are clearly documented. Whether you require support with succession planning, tax considerations, trust arrangements or making provision for loved ones, our team can provide clear, practical and personalised advice.

Frequently Asked Questions about Trusts

Do I need a solicitor to set up a trust?

Although it may be possible to create some basic trust arrangements without legal advice, trusts can be complex and may have significant tax, legal and practical consequences. A trust solicitor can help ensure the trust is correctly drafted, reflects your wishes and is suitable for your circumstances.

Can a trust help reduce inheritance tax?

Trusts can form part of inheritance tax planning, but they are not suitable for everyone and may create tax charges of their own. Our trust solicitors can explain the legal position and, where appropriate, work alongside your accountant or financial adviser so that you receive joined-up advice.

Who can be a trustee?

A trustee should be someone who is reliable, organised and able to act in the best interests of the beneficiaries. Trustees have important legal duties, including managing trust assets responsibly, keeping records and complying with relevant tax and registration requirements.

Can your Trust Solicitors help if I am not based near one of your offices?

Yes. Our trust solicitors advise clients locally through our office network and remotely across England and Wales. We can arrange appointments by telephone or video call, making it straightforward to access specialist trust solicitors whether you are based in Buckinghamshire, London, the South East or elsewhere in England and Wales.

Contact our Trust Solicitors today

Trust and estate planning enquiries are overseen by Meg Wilton, Head of Private Client at Elite Law Solicitors. Meg is a CILEX Lawyer, TEP and Director, bringing senior-level expertise in private client law, trusts, Wills, estate planning and inheritance tax planning. Her experience helps ensure clients in Amersham, Buckinghamshire, London, the South East and across England and Wales receive technically accurate, practical and carefully tailored advice when considering setting up a trust, managing trust assets or understanding their responsibilities as trustees.

To speak with one of our experienced trust solicitors, call 0800 086 2929, email info@elitelawsolicitors.co.uk or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion. Our private client team can explain your legal rights and options and, where appropriate, help you decide whether a trust is the right solution for your family, estate or asset protection needs, wherever you are based in England and Wales.

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