Setting up Trusts
Setting up Trusts
Whether you are seeking ways to reduce the amount of Inheritance Tax payable on your estate when you die, to safeguard assets for younger family members until they reach a certain age, or to protect property from potential claims following a divorce within the family, a trust could well be the ideal solution for you.
For over 50 years, Partridge Muir & Warren has been providing expert financial and estate planning advice to families, individuals and business owners the length and breadth of Surrey, always with the core aim of preserving the wealth of our clients.
As chartered financial planners, we are considered to have achieved the gold standard in our industry. This means that, as our client, you can enjoy complete reassurance of an exceptional level of service, combined with in-depth technical knowledge. We have our own in-house team of financial, legal, investment and tax planning specialists, at your service to ensure all of your needs and goals are met.
Expert trust advice, bespoke to your individual needs
A trust is a legal arrangement that allows you to place assets under the management of a trustee for the benefit of someone else. They are often used as an estate planning strategy as, providing they are carefully set up, they have the power to reduce the Inheritance Tax payable when someone dies. Many clients also use trusts to protect their beneficiaries.
For example, if someone who is very young inherits an estate, a trust can be used to safeguard the assets until such times as they are mature enough to manage the inheritance. Some people also use trusts to protect assets being passed on to those who may be considered financially irresponsible, or at risk from creditors. They can also protect assets inherited by disabled beneficiaries who may risk losing their benefits, or to prevent claims on property by divorced in-laws.
Whatever is important to you is important to us too, and when it comes to setting up a trust to protect what matters, you can expect nothing but the most personalised guidance.
For example, if someone who is very young inherits an estate, a trust can be used to safeguard the assets until such times as they are mature enough to manage the inheritance. Some people also use trusts to protect assets being passed on to those who may be considered financially irresponsible, or at risk from creditors. They can also protect assets inherited by disabled beneficiaries who may risk losing their benefits, or to prevent claims on property by divorced in-laws.
Whatever is important to you is important to us too, and when it comes to setting up a trust to protect what matters, you can expect nothing but the most personalised guidance.
Watch our video to find out what we can do for you
Specialist advice on setting up trusts, from an award-winning team
When it comes to setting up trusts, Surrey-based Partridge Muir & Warren is one of the industry’s most respected specialists, recognised within the industry by a host of awards and repeat accolades.
The City of London Wealth Management Award was presented to us for two consecutive years, acknowledging our quality of service. We have also been named Wealth Manager of the Year Southern England following votes from our clients and the wider public, as well as being presented with the title of Best UK Independent Adviser by Advisory HQ for the past four years.
The City of London Wealth Management Award was presented to us for two consecutive years, acknowledging our quality of service. We have also been named Wealth Manager of the Year Southern England following votes from our clients and the wider public, as well as being presented with the title of Best UK Independent Adviser by Advisory HQ for the past four years.
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What are the different types of trust?
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There are many different types of trust. As estate planning specialists, we are able to select the most appropriate trust to suit your individual circumstances and goals.
Discretionary trusts leave payment entirely at the discretion of the trustees. They are often used to put assets aside for a future need, such as a grandchild’s education. They are also used in situations where beneficiaries are not capable or responsible enough to manage money themselves.
Bare trusts give beneficiaries the right to demand all of the capital and income of the trust at aby time, providing they are over 18 years of age. These are suitable for automatically directing assets to a beneficiary once they come of age.
Interest in possession trusts dictate that all trust income must be passed to the beneficiary as it arises. These can be used to pass income from, for example shares, to a widowed spouse, whilst preserving the shares themselves to pass on to the children.
Other types of trust include accumulation trusts, settlor interested trusts, disabled persons’ trusts, non-resident trusts and mixed trusts.
Discretionary trusts leave payment entirely at the discretion of the trustees. They are often used to put assets aside for a future need, such as a grandchild’s education. They are also used in situations where beneficiaries are not capable or responsible enough to manage money themselves.
Bare trusts give beneficiaries the right to demand all of the capital and income of the trust at aby time, providing they are over 18 years of age. These are suitable for automatically directing assets to a beneficiary once they come of age.
Interest in possession trusts dictate that all trust income must be passed to the beneficiary as it arises. These can be used to pass income from, for example shares, to a widowed spouse, whilst preserving the shares themselves to pass on to the children.
Other types of trust include accumulation trusts, settlor interested trusts, disabled persons’ trusts, non-resident trusts and mixed trusts.
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Can my beneficiaries act as trustees?
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There is nothing in law to stop you appointing beneficiaries as trustees, but we do recommend that you think twice.
Disputes and conflicts of interest are not uncommon due to a lack of impartiality when making decisions about distributing income under a trust. This is why it is always wise to appoint a professional trustee who will act in an unbiased way and in the best interests of all the beneficiaries.
Disputes and conflicts of interest are not uncommon due to a lack of impartiality when making decisions about distributing income under a trust. This is why it is always wise to appoint a professional trustee who will act in an unbiased way and in the best interests of all the beneficiaries.
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Can PMW act as trustee under a trust?
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Yes, we can act as your professional trustee, or work alongside your own appointed trustee as advisers, helping to ensure protect your beneficiaries’ inheritance or your assets.
With members of our team Society of Trusts Estate Practitioners (STEP) qualified, you will benefit from the additional professional qualifications that demonstrate we have the appropriate expertise to carry out the role of trustee.
With members of our team Society of Trusts Estate Practitioners (STEP) qualified, you will benefit from the additional professional qualifications that demonstrate we have the appropriate expertise to carry out the role of trustee.