Trusts Solicitors
Expert Trust Solicitors for Secure Asset Management
Providing professional guidance to help you navigate the complexities of trust law.
Frequently asked questions
What costs are involved in setting up and maintaining a trust?
The costs of setting up a trust will vary depending on the client’s specific requirements and the complexity of their estate. Ongoing legal fees and the tax your trust will be subject to also depends on the assets involved and the level of advice you require. Our experienced trust solicitors will be happy to help with a personalised quote so please get in touch today.
Do I need a solicitor for making a trust?
Setting up a trust without a solicitor is risky because the language needs to be precise and the information needs to be accurate on the paperwork to avoid costly legal challenges. A solicitor will ensure that your aims for the trust are fulfilled and help you navigate the tax implications.
Can I be both a trustee and a beneficiary?
Yes, this is a common occurrence. Though it is best practice to have at least one trustee who is a non-beneficiary.
Can a trust be changed after it is established?
It depends how the trust is set up, some trusts allow for changes and some don’t. Regardless, the following points may be enough to trigger a court to overturn the arrangement:
- The trust was not set up correctly using proper legal advice.
- There was suspected undue influence on the settlor when setting up the trust.
- The trust is vague or contains mistakes.
Are there tax implications associated with trusts?
You need to be aware of inheritance tax which will apply on any amount above the Nil Rate Allowance (£325,000) that is transferred into the trust over any seven year period. If you die within 7 years of transferring assets into the trust, this will also be subjected to inheritance tax which is 20%.
Another tax you should be aware of is Capital Gains Tax which will apply to assets which have increased in value since you acquired them when you transfer them into a trust.
For specific tax advice for your unique trust, it is recommended that you speak to a qualified trust solicitor who can guide you through the process.
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Why choose Merriman Solicitors (Incorporating AB Family Law)?
- Fully authorised and regulated by the Solicitors Regulation Authority
- Specialist solicitors who can both write new Wills and amend existing ones
- Transparent fees with no hidden costs
- Sensibly priced legal support that put your mind at ease
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