You may find yourself in a position whereby you wish to utilise your assets for the benefit of other people, but would rather not make absolute gifts to them.
Instead, creating a Trust during your lifetime can be a very effective way of setting aside assets for the benefit of others, whilst also ensuring that you (or other selected persons) retain the overall control of those assets going forward.
Trusts can therefore be utilised as a way to protect the value of your assets in the event that your chosen beneficiaries were to be in receipt of means tested benefits, face subsequent divorce/bankruptcy petitions, pass away (for their own Inheritance Tax purposes) or require residential care
Placing an asset into a Trust, rather than gifting your asset directly to your beneficiary, can also ensure that your asset is not simply squandered or used by your beneficiary in ways that you would not have approved of.
Trusts are one of the most valuable financial planning tools, but they are also one of the least-well understood. There are many different types of Trusts available, each with their own purposes and taxation implications.
As you’d expect, deciding on the right kind of trust for your particular situation and understanding the implications for all parties involved all makes for a detailed and demanding legal task. However. our experts here at Paul Robinson Solicitors are perfectly placed to provide the best possible advice and solution based on your ultimate goals.
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Paul Robinson Solicitors is a thriving independent law firm committed to providing exceptional service to clients nationwide, with offices situated throughout London and Essex.
Established in 1983, the firm has steadily expanded over the past 35 years, offering an extensive range of legal services to both personal and commercial clients. The team of highly experienced and skilled solicitors specialises in various fields and is dedicated to providing an outstanding level of service to achieve positive outcomes for their clients. The firm’s cutting-edge technology and efficient systems, together with its support and managerial staff, ensure maximum efficiency, accuracy, and cost-effectiveness.