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Trusts
Trusts may be created for many reasons, whether
in your Will or to take effect during your lifetime. These
can include preserving assets for your family in order to
provide income for somebody during their life and pass the
capital on to the next generation eventually.
There may be tax reasons for creating
a Trust during a person’s lifetime with the aim of reducing
or eliminating Inheritance Tax on death, but ensuring that
the control over these assets is maintained by the Trustees.
A Trust can be created for the benefit of someone
who is disabled or who may not be relied upon to use money
or assets carefully themselves. There may be particular reasons
for wanting to set up a Trust for children or a Charitable
Trust.
Someone who has recovered compensation for
a Personal Injury and who wants to maintain their eligibility
for state benefits can sometimes ensure that their compensation
is placed into a Trust and thereby ensure that they continue
to remain eligible for state benefits. This has to be done
at the time the compensation is awarded.
Discretionary Trusts are often used to provide
maximum flexibility amongst a class of Beneficiaries as future
circumstances cannot easily be predicted and assets may change
over a period of time.
Taylor Simpson and Mosley has many years experience
of setting up and administering Trusts on behalf of clients.
If you think that your circumstances are such that a Trust
would be of benefit, please contact us. We provide appropriate
and friendly advice from our expert Solicitors who will explain
the technicalities clearly and prepare the necessary documents.
Please contact either Paul Grimwood-Taylor,
Alastair Seel or Michael Mallender on 01332 372311
or by e-mail at:
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