Trusts

Trusts can be set up for a wide range of reasons. They are often suitable where you are wanting to make a gift but there is a reason to withhold the gift until a later time, or to limit the access to such gifts. They are also used as a way to protect your estate against care home fees or inheritance tax.

They can offer increased asset protection for your loved ones and can be included as part of your Will – known as Trust Wills.

What is a Trust Will?

Trusts are a way by which assets are held by one party for the benefit of another. As part of the Trust, you will have named ‘trustees’ who have been designated to control assets on behalf of others, called the ‘beneficiaries’.

Some trusts are created so that they start operating whilst you are alive, others only take effect after your death.

Examples of reasons why you may wish to make a Trust Will include:

• Holding your assets until your children are old enough to receive them.
• Control access to assets where you are concerned that a beneficiary might waste them if they had free access.
• Control how your assets can be used after your death, for example to allow your spouse to live in your house for the rest of their life but after that to ensure that it passes to your children.
• Allow your assets to remain available for use by your spouse after your death, but to avoid the risk of them being used for future care home fees that your spouse may have to contribute to.
• Ensure that your assets are safeguarded in the event that one of your beneficiaries were obliged to make payments from assets they own, for example if they were to get divorced or go into debt. 
• Allow a beneficiary who receives state benefits to receive your assets when they need them but in a way which does not affect their entitlement to benefits.
• Hold the proceeds of a Personal Injury award for the benefit of the injured party.
• Take opportunities which are legitimately available to you for tax planning purposes.

We can advise you on your circumstances and set up suitable trusts for you, act as a trustee of your trust fund, wind up the fund once it is no longer needed and provide advice as to the tax position at these various stages.

How can Jordans Solicitors help?

Our wills, trusts and probate team is made up of highly experienced lawyers who are specialists in this area of law. They are here to listen to your wishes and to provide expert advice whilst being committed to excellent client care through a client focused, efficient and cost effective service. 

You can contact us about our services on 0330 300 1103 or request a call-back below and we’ll be in touch to discuss your will. 

Our offices are based across Yorkshire in Wakefield, Dewsbury, Horsforth, Selby, Penistone and Wetherby but we can also offer home appointments if you are unable to get to our offices.

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