Trusts

What is a Trust?

A trust is a legal arrangement which allows one party (the settlor) to transfer assets to other parties (known as trustees) to hold and manage on behalf on a group of individuals (known as beneficiaries). The trustees are responsible for managing the assets that are held in the trust, in accordance with the terms of the trust. A trust set out in a will, comes into effect when the testator passes away.

A photo to represent the Trusts service provided by Thomas Flavell & Sons

Trusts are particularly useful for safeguarding wealth, ensuring financial stability for loved ones, and protecting assets from unforeseen circumstances such as care costs, divorce settlements, or financial mis-management.

Why Set Up A Trust?

Setting up a Trust can provide significant benefits, including:

  • Protecting assets for future generations – ensuring wealth is passed down securely.
  • Providing for vulnerable individuals – offering financial stability for children, disabled relatives, or family members who may struggle to manage their inheritance.
  • Controlling inheritance distribution – ensuring assets are released at the right time and in the right way, particularly in cases where beneficiaries may not be financially responsible.
  • Reducing inheritance tax liability – trusts can be an effective way to manage estate taxes, potentially lowering the amount payable.
  • Shielding assets from creditors or care costs – trusts can help preserve wealth and protect against financial risks.

Who May Benefit From a Trust?

Trusts are relevant for many individuals, regardless of the size of their estate. They may be particularly beneficial for:

  • Homeowners – to protect property and ensure it is passed down to chosen beneficiaries.
  • Parents with young children – to appoint guardians and provide financial security for their future.
  • Couples (married or unmarried) – to ensure a partner is legally protected, especially where no automatic rights exist.
  • Business Owners – to facilitate smooth succession planning and protect business assets.
  • Those with complex family situations – to fairly distribute assets among blended families, stepchildren, or those estranged from certain relatives.
  • Anyone looking to minimise inheritance tax – to ensure tax-efficient estate planning and maximise what is passed on to beneficiaries.
Speech mark icon Five gold star review icon

Completion of Will - very satisfied with the way my initial Will was handled and then subsequent alterations completed due to personal reasons. All very efficiently handled.

A photo of Kate Deathridge
Kate Deathridge TEP Chartered Legal Executive, Hinckley

Let's get started

For more information, please contact our team today.

Our Wills, Probate & Trusts Team

Enquiry Form

Please take a minute to complete this form, noting the mandatory fields (marked *), and we will respond to you as soon as possible with a full response.

Please upload up to five documents here. This field accepts files in Microsoft Word or PDF format.
Drag and drop files here or click to upload them using your device's file browser.