Trusts Solicitors in Sidcup, Bexley and Kent

Often Trusts can be used as very effective tools to control and sometimes reduce the payment of tax, whilst also being able to benefit others without handing over to them complete control of money and property. 

At Woolsey Morris & Kennedy, our dedicated team of Trust solicitors can provide helpful, practical advice about creating and managing trusts in a way that is simple and easy to understand.

We will explain in clear terms the different types of Trust available, their benefits and tax implications. We can also provide guidance and assistance whilst the Trust is up and running.

We can provide advice on all types of trust, including:

• Discretionary Trusts
• Life Interest Trusts
• Bare Trusts
• Disabled Trusts

Speak to our Trusts solicitors in Sidcup, the London Borough of Bexley, Kent

If you would like more legal advice about Trusts, please feel free to speak in confidence to one of our team now by calling 020 8300 9321 or emailing enquiries@wmk-law.com.

What is a Trust?

A Trust is a legal instrument used to protect and manage assets (such as money and property) on behalf of someone else. They are most commonly used to reduce tax or put aside assets for someone who cannot manage them themselves for whatever reason. A common scenario is where a grandparent makes a trust fund to provide their grandchild with an income or a lump sum of money when they become an adult.

There are three main parties involved in making a Trust:

• The Settlor – the person who makes the Trust
• The Beneficiary – the person who benefits from the Trust
• The Trustee – the person who manages the Trust. They technically own the assets in the Trust but have strict legal duties to only use them for the benefit of the Beneficiary

Trusts can either be created during a person’s lifetime or under the terms of their Will.

There are different types of Trust to suit what a person is looking to achieve. The three main types of Trust are:

• Discretionary Trusts
• Life Interest Trusts
• Bare Trusts

There are also special trusts for disabled or vulnerable beneficiaries. Each type of Trust is subject to different tax regimes.

Sometimes there is a wish or need to bring a Trust to an end. For example, sometimes what is known as a Nil Rate Band Discretionary Trust contained in a Will, is brought to an end within 2 years of a person dying so as to take advantage of the more generous Inheritance Tax laws for married couples and civil partners which now exist.

Why make a Trust?

Trusts can be used for all sorts of reasons, for example:

• To safely and tax efficiently pass on money and property to the next generation
• To provide for disabled and vulnerable loved ones who cannot hold their own money
• To provide for minor children until they come of age
• To protect business assets and agricultural businesses and property
• To provide a loved one with an income
• To put aside money for your own care or funeral costs

Whatever your reason for making a Trust, we can talk you through the process and provide advice on its legal effect (for example, in terms of tax). 

Why choose our Trust solicitors?

At Woolsey Morris & Kennedy, our solicitors are dedicated to helping you plan for the future, provide for your family and maximise your wealth.

We are able to talk you through all your options in a detailed but simple-to-understand way so you can make the best decisions for you.  One of our team – Tim Goodwin – is a member of the Society of Trust and Estate Practitioners (STEP); this is an essential qualification for lawyers who specialise in inheritance and succession planning matters.

Emma is also a member of Solicitors for the Elderly, an organisation of legal professionals who are specially qualified to provide advice to older people and vulnerable adults.

As a firm, we are members of the Law Society Lexcel Accreditation Scheme for our high standards of client care, compliance and legal practice management. We are regularly assessed to ensure our service meets the Law Society requirements.

Woolsey Morris & Kennedy is independently regulated by the Solicitors Regulation Authority (SRA).

Speak to our Trusts solicitors in Sidcup, the London Borough of Bexley, Kent

If you would like more legal advice about Trusts, please feel free to contact us in confidence by calling 020 8300 9321 or emailing enquiries@wmk-law.com.