Top tips on starting difficult conversations about Lasting Powers of Attorney from the Office of the Public Guardian
Starting a conversation about lasting powers of attorney (LPAs) with
A Trust is a relationship whereby assets are transferred by one party to a Trust for the benefit of another.
For example an individual could transfer assets to a Trust in order to reduce Inheritance tax payable on their death. The appointed Trustees look after the funds and manage the assets for the beneficiaries in accordance with the terms of the Trust.For a Trust to exist there must be the legal owners (Trustees); funds (the investment or property placed into the Trust) and Beneficiaries.
Trusts are set up for a number of reasons, including:
- to control and protect family assets to pass on to future generations
- when a child is too young to handle their affairs
- when someone is incapacitated and cannot handle their own assets
- to pass on assets while you are still alive
- to pass on assets when you die (via a ‘will trust’)
- to ensure that assets reach you own children rather than new spouse’s children
- to help plan for and reduce Inheritance tax.
Fogwill & Jones (Legal Services) Limited can be appointed as Trustees. In some circumstances it is important to have a Trustee who is not connected to the lay Trustees or Beneficiaries. An independent Trustee, such as Fogwill & Jones (Legal Services) Limited, can be invaluable in sorting out any disagreements and advising the lay Trustees on the best course of action.
The taxation of Trusts can be complex and is constantly evolving. Different types of Trusts have different tax regimes. It is therefore imperative to take advice from a professional when attempting to deal with the tax affairs relating to a Trust.
At Fogwill & Jones (Legal Services) Limited we can assist with the preparation of new Trust deeds and advise you in relation to your requirements. We can also use our expertise to interpret old Trust documents and to ensure that distributions from the Trusts and Appointments or Retirements of Trustees are properly dealt with.
For a free, no obligation consultation; just complete the form on the ‘contact’ page or call us on 0114 258 8887 and ask for Helena Grady.
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