A trust is created when a person (known as the "settlor") gives assets to other people (called the "trustees") to hold for the benefit of others (called the "beneficiaries"). The trust is administered by trustees in accordance with the terms of the trust or Will.

Whether set up in your lifetime or via your Will, they are useful inheritance tax planning tools which can assist with wealth preservation through generations and the protection of assets, whether for tax or family reasons.

Examples of specific types of trusts include: Charitable trusts, Trusts for a disabled or young person and Offshore trusts.

The relevant type of trust will depend upon the particular circumstances.

We can advise you on whether to set up a trust and, in the case of existing trusts, their amendment or closure. We can guide you through the tax implications, including Capital Gains and Inheritance Tax, ensuring the most tax-efficient methods of using or winding up a trust.

Specialist in drawing up Trusts, Julie West Solicitor in Surrey