December 05, 2024
A recent High Court ruling highlights the complexities of inheritance disputes and the importance of seeking expert legal guidance early.
Trust Solicitor
Setting up a trust can feel like you're navigating a maze of legal terms. That's where we come in. At Switalskis, we guide you through each step of creating a trust, making it as straightforward as possible so you can focus on what really matters - your future and the wellbeing of your loved ones.
We're committed to simplifying the complex parts of trust formation. Our team knows trusts inside and out, and we're here to lead you through it all.
We're not just experts; we're people who understand that organising a trust is a significant life event. We translate all the legal speak into plain English and keep you informed at each turn. Our aim is to make sure that everything flows smoothly.
Your peace of mind matters to us, so we tailor our advice to fit your specific situation. We care about you, and we're dedicated to helping you achieve the best outcome possible.
Feel free to give us a call on 0800 1380 458 or get in touch through the website.
When you get in touch with us, we begin by understanding your goals for your trust, whether it's setting one up, managing one or making changes. We'll clearly explain what steps are involved, so you'll always know what's next and what actions you should take.
We're with you every step of the way, clarifying any legal jargon and taking care of all the necessary paperwork. We handle the legal complexities, allowing you to focus on what's important - your future goals. We understand that each trust is different, so our advice is customised to suit your specific situation.
With Switalskis, you're not just getting a legal expert, you're partnering with a team that genuinely wants the best outcome for you. We'll keep you updated, making sure you're never left wondering and can make informed decisions.
A trust is a legal set-up where you pass on your assets like money, property or shares to a group of people called trustees. These trustees then look after these assets for the people who'll eventually get them, known as the beneficiaries. Trustees can be close family, friends or even professionals like solicitors who are skilled in handling trusts.
A trust gives you control over what happens to your assets after you're gone or unable to manage them yourself. For example, you might want your children to inherit your house but only after they turn a certain age. A trust lets you set those sorts of conditions. When a beneficiary turns 18, or any other age you specify, the assets in the trust can be transferred to them.
Trusts can be set up in two main ways: through a will trust or a settlement. A will trust is made as part of your will and comes into play when you pass away. A settlement is a separate legal agreement and can be created while you're still alive. Both ways have their own benefits, depending on what you want to achieve.
You'll also need to choose trustees when setting up a trust. These are people who make sure your wishes, as stated in your trust, are carried out. Sometimes the executors and trustees can be the same people. These are usually people you trust a lot or professionals you believe will do a good job.
A trust is a smart way to manage your assets, making sure they go to the right people under the right conditions. Whether you're planning for your family's future or protecting your assets, trusts offer flexibility and peace of mind. Our team at Switalskis can help you decide what type of trust suits your needs best.
A will trust is a special kind of trust that's made when you write your will. Think of it as adding an extra set of instructions to your will that tells people what you'd like to happen to your money, property or other assets after you're gone. These instructions are known as trust rules, and they guide the trustees on how to handle your estate.
So, how does it work? After you pass away, the people you've picked to be your trustees take over. Their job is to manage everything you've left behind - that's what we mean by your estate. They'll follow the rules you've set in your will, making sure that everything is well looked after. For instance, if you've specified that your children should only get their inheritance when they turn 25, your trustees will hold onto the assets until that time comes.
This kind of setup offers a layer of security. It's a way to make sure your wishes are carried out, especially in more complex situations like if you have a blended family or if your beneficiaries are too young to manage their inheritance.
Our team at Switalskis is skilled at helping you write your will and setting up any will trusts you may need. They can make sure you've covered all the bases and that your rules are clear and legal.
When you want a trust to start working while you're still alive, it's often called a settlement. To make this happen, you need a special document known as a trust deed. This is where you write down all the rules for the trust, like a guidebook that explains who does what and when.
What's in the trust deed? First off, it names the trustees. These are the people you pick to look after the assets you're putting into the trust. It's their job to manage everything according to your rules. Next, the deed identifies the beneficiaries. These are the people who will eventually benefit from what's in the trust, whether it's money, property or anything else.
The trust deed also lays out any rules or conditions that have to be followed. For example, you might state that a beneficiary has to reach a certain age before they can receive their share. Or, you might have rules for the trustees about how they should invest the money in the trust.
Another key part is detailing how and when the trust will end. Maybe it closes when a beneficiary hits a certain age or milestone, or perhaps you set a specific date in the future. This part helps everyone know the time frame they're working within.
Setting up a trust deed isn't too complicated, but it does need some careful thought and planning. Here's a simplified guide to how it usually works:
The first step is understanding why you want to set up a trust in the first place. Is it to protect assets for your children? Maybe you're keen to manage your tax responsibilities better, or perhaps you want to support a charity. Knowing your goal will help to shape the type of trust you need.
The next step is picking who you want to manage the trust. These are called trustees and are responsible for handling the trust assets according to your rules. They can be family members, friends or professionals like solicitors.
These are the people who'll benefit from the trust. You'll need to name them in the trust deed. It could be specific people, like your children or spouse, or even organisations like a charity.
Now, you'll need to get into the details and write the trust deed. This will include the roles of the trustees, the rights of the beneficiaries, and any conditions or rules that have to be followed. This is where expert help can be really useful to make sure you're covering all the legal bases.
Once the trust deed is ready, it needs to be signed and witnessed. The rules for this can vary, but it's usually a formal process to make everything legally binding.
The last step is moving the assets, whether it's money, property or something else, into the trust. This is known as settling the trust. From this point on, the trust is active, and the trustees take over the management of these assets.
While the process might sound straightforward, each step is important and it’s worth considering professional advice to make sure you're doing it right. If you need a hand, feel free to reach out to us. We're experts at this, and we'd be glad to help you set up a trust that meets your needs.
Got questions or ready to get going? Just give us a ring on 0800 1380 458 or drop us a line through the website. Whenever you need us, we're here to help.
A recent High Court ruling highlights the complexities of inheritance disputes and the importance of seeking expert legal guidance early.
Dealing with someone’s affairs after they die can be complex. Our probate guide aims to simplify the process.
We’ve explained the value of a will and lasting powers of attorney and finally we’re demystifying the probate process. When a loved one passes away, navigating the legalities of their estate can feel overwhelming - but we're here to help.
As part of the Dying Matters conversation, we're exploring a crucial aspect often overlooked – the significance of obtaining a lasting power of attorney (LPA).
If you're looking to set up or manage a trust and want advice you can rely on, Switalskis is the right choice for you.
Trusts can seem complex and hard to understand, but we're here to simplify it all for you. We'll answer any questions you have, explain things in straightforward language, and keep you updated at every turn. This way, you'll always feel confident and in control of your decisions.
Setting up a trust is often about protecting your loved ones or your assets, and we understand how important that is. We're here to listen, understand your unique needs, and offer personalised advice. To us, you're not just another client; you're a person facing important decisions, and we're committed to making it as smooth as possible for you.
When it comes to the legal aspects of trusts, you want to be sure you're in capable hands. That's exactly what you get with us. We've got extensive experience and a track record that proves we're experts in this field, helping people like you make informed choices.
We're fully committed to securing the best outcome for you and making sure your wishes are respected. From our first conversation to the finalisation of your trust, we're on your side, keeping you in the know every step of the way.
Keen to learn more? Don't hesitate to give us a call on 0800 1380 458 or reach out via our website.