Conveyancing, Wills & Probate Legal Services

Trusts

There are various trusts that we can help you with from setting up a trust to help reduce the amount of inheritance tax your children or grandchildren may be liable to pay should you die to a deed of trust or declaration of trust that sets out the percentage you own in a property that protects your interest and or investment in the property.

A trust is an obligation binding a person, the trustee(s), to deal with assets in a particular way for the benefit of a named individual(s) in the trust the beneficiary/beneficiaries whose interests are protected by the courts.  

Deed of Trust/Declaration of Trust

If you are joint tenants, your share of the property will pass to the other property owner should you die.  If you are tenants in common, then you could ensure that your share of the property is left to whomever you wish. Click here to find out about drafting a Will.

A dead of trust is a legally binding document that outlines the monies paid and in what proportions to purchase a property.  It is important to decide whether you are tenants in common or joint tenants when you purchase a property with another person.  

Why would I need a declaration of trust?

If you are planning to purchase a property with another person whether it is your partner (not married), friend, family member it would be in your best interests to have a declaration of trust in place to ensure you are protecting your investment.  This is the best way to make sure everyone knows exactly what has been agreed and using a lawyer gives you peace of mind that you have protected yourself against any future misunderstandings.  Contact us for more information regarding the declaration of trust. Click here.

Bare Trusts

Assets that are held in a bare trust are in the name of the trustees until the beneficiary is 18 years of age.  This type of trust is designed to hold assets in trust until the beneficiary is old enough.

Interest in Possession Trusts

This type of trust requires the trustee to transfer the income generated by the trust to the beneficiary.  The capital in the trust may not be for the named beneficiary benefiting from the trust’s income. Depending on how the trust has been drawn up the capital i.e. shares could pass to someone else. 

Discretionary Trusts

Under this type of trust, the trustees can decide how the trust will be managed in terms of how the income and or capital will be used.  The trustee(s) can make decisions regarding how much is paid, how often and if there are any restrictions on the beneficiaries.

There are lots of questions to ask regarding the various trust options such as:

A trust can play a supportive role in looking after the assets that are inherited by your children and or grandchildren until such time, set by you, where they can then take full control of the assets they have inherited.  

We want to be your private client lawyer for those milestones in your life.  So, if you want us to advise you on trusts, we are here to help you. Every client is a VIP so let us represent you.

Let us represent you if you would like us to contact you to discuss any of our services please click on one of the links.