Lifetime Trusts
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What is a lifetime trust?
Unlike trusts in Wills, which take effect only after your death, a lifetime trust allows you to transfer the ownership of some or all of your assets to a trust while you are still alive. Those assets become the property of a lifetime trust which must be managed and looked after by Trustees.
Safe, secure and tax-efficient.
Lifetime trusts are a very effective way of setting aside some or all of your assets for a disabled or vulnerable person’s future care. These trusts can also be very tax-efficient and give you peace of mind that you can help your loved one in the way that best suits their needs.
A lifetime trust is often used to protect assets and the main features of such a trust would be:
• The trust can be created by you or both you and your spouse or civil partner.
• You retain control of the asset at all times if you appoint yourself as a Trustee.
• There must be a minimum of two and a maximum of four trustees.
• The beneficiaries of the trust are chosen by you and can include your children, grandchildren, other family members or people whom you wish to provide for.
• The types of assets that can be placed in trust include cash, property, investments and shares in businesses.
• The assets are transferred to the trustees to be held subject to the terms of the trust.
• Transferring assets in trust provides effective succession planning, asset protection and will help with your inheritance tax planning.
If you wish you can play a direct role as a trustee, safe in the knowledge that our experienced professionals are by your side to give all the support and legal insight that you need.
As you would expect, deciding on the right kind of trust for your particular situation, understanding the implications for a beneficiary’s tax and benefits and protecting the trust from the undue costs of community care and other services all makes for a detailed and demanding legal task. However, we are perfectly placed to give you the best possible lifetime trust advice and solutions.
What’s more, our care and concern does not end once the trust is established. We are happy to provide any ongoing support and services that you need to make sure you and your beneficiaries get the best possible outcomes for as long as you wish.