Trust Solicitors in Manchester
Trusts and Trustees can be a critical part of estate planning.
Trusts, are a powerful means of ensuring greater control now for how wealth will transfer on to future generations.
A trust is typically used to manage the impact of taxation on an estate. Unlike an executor who only deals with probate a trustee is the person you consider trustworthy enough to be responsible for the ongoing management of your estate, trust fund and assets for beneficiaries once you have passed away.
We can assist with designing the trust to meet your estate’s needs. There are many forms of trust and provisions within them making them complicated structures. However, when well-designed some of the benefits include:
Flexibility in how assets are distributed.
Provide more protection than a Will, should there be a legal challenge from any party not happy with the distribution of the assets.
Pay for the future education of children or grandchildren.
A method for donating to charitable organisations.
Provide a tax-efficient structure for your estate.
Pass wealth on efficiently and privately.
Help you manage your affairs if you become incapacitated.
Structured to mitigate possible conflict between heirs when an estate is being settled.
The right person to look after your legacy.
Choosing the right trustee can give you peace of mind that your vision for your estate will be accomplished and your settlor and trustee can be a close friend or relative. In some cases, it makes sense for the settlor and trustee to be a solicitor. Estate Planning requires that you must determine who will serve when you are no longer willing or able and an independent, professional trustee can be a wise choice as;
We will act objectively, independent of any emotional relationships between members of the family or close friends.
We will have the experience necessary to ensure that the trust assets are managed in a manner best suited to benefit the trust’s beneficiaries.
We will have a working understanding complex and ever-changing laws regarding trust administration, for example a discretionary trust, so that the relevant accountings and tax filings required for the trust are properly managed.
For more information regarding trustees read our article 8 Tips for Will & Trust Executors.
Let Courmacs act for you
Courmacs can act as an Independent Trustee where this is appropriate.
Further, it can act as a Co-Trustee with a related Trustee who knows the beneficiaries and understands the intentions of the Settlor.
Courmacs will take the time with you to discuss the options and find the right answer for you.