What is a trust?
A trust is a legal arrangement where one or more individuals (trustees) hold and manage assets for the benefit of others (beneficiaries). Trusts can be used for various purposes, including protecting family wealth, providing for minors or dependents, and managing assets for those who are unable to do so themselves. Trusts offer flexibility and can be tailored to meet your specific needs and circumstances.
Types of trusts
Our Manchester trust solicitors can help you with a wide range of trusts, including:
- Discretionary trusts: Allow trustees to decide how to distribute income and capital among beneficiaries.
- Bare trusts: Assets are held in the name of the trustee but the beneficiary has the right to all the capital and income.
- Interest in possession trusts: Beneficiaries have an immediate and automatic right to the income generated by the trust.
- Charitable trusts: Established to support charitable activities and causes.
- Trusts for vulnerable persons: Designed to protect and manage assets for beneficiaries who are unable to manage their own affairs.
Why choose Stephensons for trusts in Manchester?
Choosing Stephensons means opting for a firm with a commitment to excellence and a proven track record. Our Manchester-based trust solicitors are recognised for their expertise and client-focused approach. We provide clear, practical advice and ensure that your trust is set up and managed in accordance with your wishes and the law.
Setting up a trust
Setting up a trust involves several steps, including drafting the trust deed, selecting trustees, and transferring assets into the trust. Our solicitors will guide you through each step, ensuring that the trust is structured to meet your specific needs and comply with legal requirements.
Trust administration
Administering a trust involves managing the assets, ensuring compliance with legal obligations, and making distributions to beneficiaries. Our team offers comprehensive trust administration services, providing you with peace of mind that your trust is managed effectively and efficiently.
Resolving trust disputes
Trust disputes can arise for various reasons, including disagreements between trustees and beneficiaries or challenges to the validity of the trust. Our experienced solicitors can help resolve these disputes through negotiation, mediation, or, if necessary, litigation.
Contact our trust solicitors in Manchester
For expert advice and assistance with trusts in Manchester, contact Stephensons today. Our team is ready to provide you with the support and guidance you need.
FAQs
How do you create a trust?
To create a trust, follow these steps: draft a trust deed detailing the terms and conditions, appoint trustees, transfer assets to the trust, and register the trust if necessary. Seeking legal advice is highly recommended to ensure compliance with legal requirements and to tailor the trust to your specific needs.
What are the benefits of setting up a trust?
Setting up a trust offers numerous advantages, including:
- Safeguards your assets from creditors, legal claims, and potential mismanagement.
- Ensures financial support for minors, dependents with special needs, or vulnerable family members.
- Can help reduce inheritance tax liabilities and manage tax implications more effectively.
- Allows you to specify how and when your assets are distributed, ensuring your wishes are carried out precisely.
- Trusts are not typically subject to public probate, keeping your financial affairs private.
- Ensures that your assets are managed according to your wishes even after your death, providing stability for your beneficiaries.
Who can be a trustee?
A trustee can be any individual over 18 years old or a corporate entity. They must be capable of managing the trust responsibly and impartially. Trustees can include family members, friends, professionals (such as solicitors or accountants), or trust companies. It’s essential they understand and accept their legal duties and responsibilities.
How long does it take to set up a trust?
The time it takes to set up a trust can vary depending on the complexity of your situation. Our solicitors will work efficiently to ensure the process is as smooth and timely as possible.
Can I change the terms of a trust once it is set up?
In some cases, it is possible to change the terms of a trust, depending on the type of trust and the provisions set out in the trust deed. Our solicitors can advise you of your options.
What happens if a trustee is not fulfilling their duties?
If a trustee is not fulfilling their duties, it may be necessary to take legal action to remove them or address the issues. Our team can provide advice and representation in such cases.
How much does a trust cost in the UK?
The cost of setting up a trust in the UK can vary widely depending on several factors, including the complexity of the trust, the value of the assets involved, and the fees charged by the solicitors or trust professionals you engage.
Do you need a solicitor for a trust?
While it is not legally required to use a solicitor to set up a trust in the UK, it is highly recommended for several reasons. Trusts are complex legal arrangements, and having professional legal advice can ensure that the trust is set up correctly and meets your specific needs.
Further information
The advice provided to non-face to face clients will be through electronic or written communication only e.g. by telephone and email. Stephensons Solicitors LLP assumes no responsibility for, and shall not be liable for, (a) verification of mental capacity or testamentary capacity (b) verification of any undue influence or duress involved (c) the execution of any documents.
