If you want to set up a trust

A trust is a way of managing money or other assets on behalf of someone else. You might want to put assets in trust for a child who is too young to make decisions about their own finances, or an adult who isn’t well enough to take care of themselves. There are several different kinds of trusts and most have different rules. But how can you make sure that the beneficiary can get to the money when they need it – and that they won’t end up paying too much tax?

Know the facts from the myths

Trusts are becoming increasingly popular as more people look for ways to pass on their wealth to the next generation or to make provisions for their own care in later life. But many have misconceptions about what trusts are for and how they work. For example, some people assume trusts are only for the very wealthy. Others worry that a beneficiary could have unrestricted access to the trust when they turn 18. And it’s a popular myth that a trust is an easy way to avoid or reduce inheritance tax.

How we can help

If you’re thinking about putting money in trust, we can put you on the right track. Our legal experts will listen while you explain who you want to provide for and what assets you want to place in trust. They’ll talk you through your options and help you identify the most suitable kind of trust for you. Then they can tell you what steps to take next – and what institutions and professionals might be able to help you.

We’ll:

• understand why you want to create a trust
• talk you through your options
• explain what to do next

All advice contained within this section relates to England and Wales only.