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Guidance on Trusts for clients in Solihull, Knowle, Dorridge
If you intend to provide financial support for dependents after you have departed or wish to minimise the value of your assets that will fall under inheritance tax, perhaps consider setting up a trust as a means of preserving financial investments and assets for your loved ones. Fentimans Solicitors have provided expert guidance, trust management services and drawn up hundreds of trust deeds for Solihull, Knowle, and Dorridge clients.
How does a Trust work?
There are three key roles; the settlor, the trustee, and the beneficiary. The settlor will pass the assets into the trust, while the trustee, who manages the trust deed can also be the settlor, as well as another family member or an expert adviser. The beneficiary is the individual who will benefit from the trust.
Why set up a Trust?
There are a few key benefits to setting up a Trust:
• To save property for children and grandchildren.
• Reducing liabilities subject to inheritance tax.
• It’s a way to preserve family assets should any divorces or bankruptcies arise.
• It allows a Trustee to manage financial support on behalf of another.
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Basic types of Trusts
Two main types of trusts exist – bare or absolute trusts, which have a fixed beneficiary, and discretionary trusts with multiple beneficiaries, including unborn children and spouses which stipulate who benefits and when. The type of trust you create will depend on your circumstances, but the specialist team at Fentimans has in-depth knowledge of trusts and the associated taxes to help you navigate through the right solution for you.
Competitive Trust fee rates in Solihull, Knowle and Dorridge
If you want to start planning to provide financial security and assistance for your family, call Fentimans for reliable and experienced solicitors at a competitive rate. Our number is 01564 779459 or you can click here to enquire.