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Trusts

NEWCASTLE & GATESHEAD TRUST SOLICITORS

Estate Lawyers and Trust Formation

Trusts are implemented to avoid or solve problems in two main areas: taxation and family matters.

A trust is the formal transfer of assets (e.g. property, shares or money) to a small group of people or to a trust company on the basis that the assets are held by the trustees for the benefit of others (the beneficiaries). Trusts can be made in your lifetime, usually by a Trust Deed, or alternatively a trust can be created on or shortly after death, in the form of Will Trust. Trusts separate the legal and beneficial ownership of assets and this is their unique characteristic; the trustees are the legal owners but the beneficial owners are the beneficiaries.

Property transferred into a trust is taxed independently for income tax, capital gains tax and inheritance tax purposes, and is separate from an individual's personal estate.

The Benefits of Trusts

There are a multitude of reasons for setting up a trust, some of them are:

  • To provide for family now and in the future
  • To hold assets for a child until he or she reaches age 18 or older
  • To provide effective tax planning, especially in reducing the risk of inheritance tax
  • To provide a benefit to a person or persons, but to ensure that they do not have full and unrestricted access
  • To protect a home from being sold to pay care home fees
  • To protect assets from being dissipated through divorce or litigation

The legal team at Hutharts can provide full advice and assistance in setting up the most appropriate trust for your particular needs. Our expertise in both the private and commercial areas of litigation allows us to act as trustees upon trust formation or in the event that you wish us to take over and administer existing matters.

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 We were very impressed with the service we received. All staff were very friendly and helpful. They did not tire of my constant phone calls! 

Mrs L Carnegie, Conveyancing Client

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