This recent case has highlighted another situation where it may be possible for under 18-year-olds to make "a will".
Trusts are legal arrangements where people known as trustees hold trust assets (property, money, investments, etc.) for the benefit of others – the beneficiaries.
This is a legal relationship, and the trust deed, or documentation, and the law provide a range of obligations that trustees must comply with.
Trusts can be used in a variety of scenarios to support you and those you care for. They can be used to:
- protect damages against the assessment for means-tested benefits (commonly called personal injury trusts)
- ensure that funds can be made available for your loved ones when needed but can’t be frittered away
- plan your estate and manage your tax position
- look after disabled or vulnerable family members.
You might receive trust documents from an insurer – particularly if you have life insurance. Whatever your needs, there is a range of trust structures that may be able to help.
Over a decade of experience in trusts
We can help you with any issue that you may face relating to creating or running trusts, understanding the type of trust that exists, what needs to happen with a trust’s assets or support you in dealing with any disagreements about the way in which the trust operates. Whether you have or need a Bare Trust, a Discretionary Trust, a Life Interest Trust, a Personal Injury Trust, a Life Insurance Trust or any other Trust, we can help you achieve the intended goals of the Trust in the best possible way. Whether you want to create a trust, you are a trustee who needs help to understand your role, you are a beneficiary wanting to understand your position or are considering bringing a trust to an end, we can help.
Trusts are often misunderstood. We can carefully explain the appropriate trust to you as well as the law around it, the tax implications and your role in it, whatever that may be. Our goal is to make sure you know all you need and understand what you need to do in practical terms.
Experts in trusts
As well as advising on various trust matters, individuals within this firm are also regularly appointed as trustees and support non-solicitor trustees to administer trusts, ensuring legal obligations are met with the minimum of stress. We are relied on by clients to look after or support them in looking after all sorts of trusts, from small ones set up for money for grandchildren all the way to large, high-value and complex trusts that own shares of private companies.
Head of the personal planning team
We have been recognised for the work we do
Although the exact date of the change is presently unknown, it is likely to be in or around April 2019 and will have a significant impact on estate administration and the costs of dying.
One significant difference between someone managing the financial affairs of another (often called “P”) under a power of attorney as opposed to a deputyship, is the degree of supervision.
Whilst some people are under the impression that preparing a Lasting Power of Attorney (LPA) is simply a case of completing a form and ticking a few boxes, it is about far more than this.
Thinking about the legal status of being a cohabitant probably isn’t at the top of the ‘to do’ list.
When an individual is thinking about making a gift to another individual, consideration needs to be given to the Potentially Exempt Transfer (PET) trap.
Anthony Collins Solicitors (ACS) won four awards at the Birmingham Law Society Awards last night (8 March 2018), including Law Firm of the Year (16 partners or more).
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