Trusts are usually set up by clients as a means of managing their assets, to pass them on while they are alive and to ensure that specific people benefit from those assets upon their death.
They are sometimes regarded as being complex, however they are vital instruments to assist with the controlled administration of wealth. For example, trusts can control the distribution of assets over time; defer children’s inheritance until a specified age; assist in making charitable donations; protect a family business; or reduce tax liabilities.
Where property assets and interests are already in your possession and the objective is to either hold and/or transfer these from one generation to another; or between parties in a safe, secure and tax efficient manner, our members at Mercantile Barristers can design creative estate management and trust structures that meet and often exceed your expectations.
Upon creation, trusts must be correctly and diligently monitored and administered. Settlers of trusts appoint trustees to manage the trust for the benefit of the beneficiaries.
Our barristers can offer advice on: the administration of trusts; applications to vary trusts (if, for example, it is no longer possible to carry out the settlor’s wishes); asset recovery, tracing claims for trustees and if necessary,
‣ Obtaining freezing injunctions
‣ Breach of trust claims
‣ Duties of trustees
‣ Misappropriation of Trust or Estate property
‣ Removal of trustees
‣ Restitution of Trust funds
‣ Sham Trusts
Trusts are usually set up by clients as a means of managing their assets, to pass them on while they are alive and to ensure that specific people benefit from those assets upon their death.
They are sometimes regarded as being complex, however they are vital instruments to assist with the controlled administration of wealth. For example, trusts can control the distribution of assets over time; defer children’s inheritance until a specified age; assist in making charitable donations; protect a family business; or reduce tax liabilities.
Where property assets and interests are already in your possession and the objective is to either hold and/or transfer these from one generation to another; or between parties in a safe, secure and tax efficient manner, our members at Mercantile Barristers can design creative estate management and trust structures that meet and often exceed your expectations.
Upon creation, trusts must be correctly and diligently monitored and administered. Settlers of trusts appoint trustees to manage the trust for the benefit of the beneficiaries.
Our barristers can offer advice on: the administration of trusts; applications to vary trusts (if, for example, it is no longer possible to carry out the settlor’s wishes); asset recovery, tracing claims for trustees and if necessary,
‣ Obtaining freezing injunctions
‣ Breach of trust claims
‣ Duties of trustees
‣ Misappropriation of Trust or Estate property
‣ Removal of trustees
‣ Restitution of Trust funds
‣ Sham Trusts
A Trust is a legal arrangement in which you need to appoint a Trustee, or Trustees, who will be responsible for holding and managing your assets.
Trustees have a responsibility to manage the Trust on behalf of and in the best interests of the beneficiaries in accordance with any Trust terms.
There advantages and disadvantages for both a will and a trust which vary according to circumstance. For example, a Trust can be used to avoid probate and reduce Estate Taxes. Alternatively, a Will can help you to provide financial security for your loved ones and enable you to pay less Inheritance Tax.
There are various things you can do to reduce the value of your Estate, which may bring it below the Probate threshold. This includes creating Trusts or making gifts during your lifetime.
A Trust is a legal arrangement in which you need to appoint a Trustee, or Trustees, who will be responsible for holding and managing your assets.
Estate Planning is the term given for the general management of any estate.
There are many different types of Trusts, such as Bare Trusts, Discretionary Trusts, and Accumulation Trusts, and the rules around them, including potential tax implications, are complicated. As a result, you should seek professional advice if this is something you are considering.
Unlike a Will, which comes into effect when you die, your assets are transferred to certain types of Trusts during your lie, and continues to hold the trust property after your death.
Although you no longer own the assets (because your Trust does), you still have access to them during your lifetime. You can instruct your Trust to pay income to you and, on your death, your Trustee – or Successor Trustee, if you were the original Trustee – is instructed to divide whatever is left to your beneficiaries, according to your instructions.
A Trust is a legal arrangement in which you need to appoint a Trustee, or Trustees, who will be responsible for holding and managing your assets.
Trustees have a responsibility to manage the Trust on behalf of and in the best interests of the beneficiaries in accordance with any Trust terms.
There advantages and disadvantages for both a will and a trust which vary according to circumstance. For example, a Trust can be used to avoid probate and reduce Estate Taxes. Alternatively, a Will can help you to provide financial security for your loved ones and enable you to pay less Inheritance Tax.
There are various things you can do to reduce the value of your Estate, which may bring it below the Probate threshold. This includes creating Trusts or making gifts during your lifetime.
A Trust is a legal arrangement in which you need to appoint a Trustee, or Trustees, who will be responsible for holding and managing your assets.
Estate Planning is the term given for the general management of any estate.
There are many different types of Trusts, such as Bare Trusts, Discretionary Trusts, and Accumulation Trusts, and the rules around them, including potential tax implications, are complicated. As a result, you should seek professional advice if this is something you are considering.
Unlike a Will, which comes into effect when you die, your assets are transferred to certain types of Trusts during your lie, and continues to hold the trust property after your death.
Although you no longer own the assets (because your Trust does), you still have access to them during your lifetime. You can instruct your Trust to pay income to you and, on your death, your Trustee – or Successor Trustee, if you were the original Trustee – is instructed to divide whatever is left to your beneficiaries, according to your instructions.
Our approach to legal practice is always to articulate creative and value-adding solutions for clients whilst delivering timely, efficient and affordable professional services. All clients conduct their affairs within a legal context and Mercantile Barristers’ role is to advise on the conduct of their transactions and affairs in ways that avoid conflict and disputes.
However, should a dispute become inevitable, then our prior engagement would have assured that all the necessary precautions have been taken and mitigating steps adopted. Thus, clients will begin any dispute resolution in a strong position to achieve their desired objectives.
Whether by adjudication, arbitration, litigation, members at Mercantile Barristers will adopt a firm, swift and decisive approach to achieve the best possible results for clients within the shortest possible time. We recognise that no two cases are the same, so we will adapt our style to suit the occasion.
Our approach to legal practice is always to articulate creative and value-adding solutions for clients whilst delivering timely, efficient and affordable professional services. All clients conduct their affairs within a legal context and Mercantile Barristers’ role is to advise on the conduct of their transactions and affairs in ways that avoid conflict and disputes.
However, should a dispute become inevitable, then our prior engagement would have assured that all the necessary precautions have been taken and mitigating steps adopted. Thus, clients will begin any dispute resolution in a strong position to achieve their desired objectives.
Whether by adjudication, arbitration, litigation, members at Mercantile Barristers will adopt a firm, swift and decisive approach to achieve the best possible results for clients within the shortest possible time. We recognise that no two cases are the same, so we will adapt our style to suit the occasion.
