If you are responsible for supporting a loved one or planning how best to protect your own assets for the future, it is worth considering whether a Trust would be beneficial. Our friendly, specialist solicitors can guide you through the process of setting up, managing, or reviewing a Trust, offering clear advice and personal support along the way.
We understand that you want the very best outcome for your family, whether you are planning for future generations, safeguarding vulnerable beneficiaries, or ensuring your estate passes in the most efficient way possible. These decisions can feel complex and sometimes overwhelming, but you do not have to face them alone. Our team of Trust experts are here to help you navigate the options and put in place arrangements tailored to your circumstances.
What is a Trust?
A Trust is a legal arrangement that allows one or more people (the Trustees) to manage assets such as money, property, or investments on behalf of others (the Beneficiaries). Trusts are commonly used to protect assets, ensure they are used appropriately, and provide long-term security for loved ones.
There are various types of Trusts, each suited to different situations, including:
- Discretionary Trusts – giving Trustees flexibility in how and when beneficiaries receive funds
- Life Interest Trusts – allowing someone to benefit during their lifetime while protecting capital for others
- Bereaved Minors Trusts – for children who inherit under a Will
- Disabled Person’s Trusts – protecting vulnerable beneficiaries without affecting state benefits
- Protective Trusts – safeguarding assets from financial risk or poor decision-making
We can advise you on which type of Trust is most appropriate for your needs.
Why Set Up a Trust?
Trusts are used for many reasons, including to:
- Protect assets for young or vulnerable beneficiaries
- Preserve family wealth for future generations
- Provide flexibility and control over how assets are used
- Reduce exposure to Inheritance Tax and other taxes
- Protect a family home after first death or following remarriage
- Manage compensation awards or substantial inheritance on behalf of someone who cannot manage it themselves
- Ensure that wealth is distributed fairly and according to your wishes
Trusts provide structure, flexibility, and protection allowing you to plan confidently for the future.
How to Set Up a Trust
Setting up a Trust can be complex, so it is essential to seek specialist advice to ensure it is created properly and in accordance with your wishes.
We will discuss your aims, your family circumstances, and the assets involved before recommending the most suitable type of Trust. Our team can draft the Trust documents, advise Trustees on their legal duties, and ensure that all requirements such as registration with HMRC are completed correctly.
When creating a Trust, we will need information such as:
- Details of the assets to be placed into Trust
- The names and details of your chosen Trustees
- Information about the Beneficiaries and your reasons for including them
- Any conditions or restrictions you want to apply to the distribution of assets
- Details of any tax considerations that may affect the Trust
If the Trust forms part of a wider estate plan for example, within a Will we will ensure all documents work together seamlessly to achieve your desired outcome.
Why choose our Trust solicitors?
At Thornton Jones, we have been helping individuals and families protect their assets and support their loved ones through the effective use of Trusts for many years. We understand the importance of providing clear, sensitive, and practical advice, ensuring you have all the knowledge and tools you need to make informed decisions and achieve long-term security for those who matter most.
As well as our Trust expertise, we can provide a wide range of advice on other relevant matters, such as Court of Protection Deputyship, Lasting Powers of Attorney, trust administration, conveyancing (e.g. if you need to sell property on someone’s behalf), and probate and estate administration.
We are members of the Law Society Wills & Inheritance Quality Accreditation scheme for our expertise and efficient turnaround in Wills and probate matters. Our team also includes a qualified member of STEP (the Society of Trusts and Estate Practitioners).
We are regulated by the Solicitors Regulation Authority (SRA) providing assurance that we continually meet the highest legal and professional standards.
For advice about setting up, managing, or reviewing a Trust, get in touch with our specialist Private Client solicitors in Wakefield, Ossett, Garforth, or Sherburn in Elmet, or fill in our online enquiry form for a quick response.
Trust FAQs
A trust is a legal arrangement for managing assets. It is created either in lifetime or on death by a Settlor transferring assets to others known as Trustees to manage for the benefit of one or more beneficiaries. There are different types of trusts each being taxed in different ways.
Most taxable and non-taxable Trusts now need to be registered with HMRC. However, there some exemptions to this so these should always be considered too.
IThe Trustees are responsible for registering the Trust with HMRC via the online Trust Registration Service and for keeping the details on the Trust Register up to date. Trustees can be subject to financial penalties if they do not do so.
The Trustees are the people who have been chosen by the Settlor to manage assets held within a trust for the benefit of others known as beneficiaries. The Trustees act as custodians of the assets, they are the legal owners of the trust assets and must act in accordance with the Settlor’s wishes as set out in the Trust Deed. The role of Trustee is a serious one, they are responsible for managing the trust on a day to day basis including paying all taxes due and can be held personally liable if they do not act in accordance with their powers.
The legal owners of assets in a trust are the Trustees. Trustees are the people nominated in the Trust Deed, who are in charge of looking after the assets in a trust for the benefit of others known as beneficiaries, who may or may not be the same people. The Trustees do not own the trust assets in their personal capacity and they must always look after the trust assets in accordance with the terms of the Trust Deed.
Trust Property means any assets held by Trustees under the terms of a trust for the benefit of the beneficiaries. This could include land, properties, bank accounts or investments, depending on the type of trust created and the assets transferred to the Trustees by the Settlor.
In simple terms no. If a discretionary trust has only one beneficiary then it is not really a discretionary trust. Depending on the wording of the trust deed, this could instead be classed as a bare trust or an interest in possession trust. There may be serious tax implications if a discretionary trust is not properly drafted and has only one beneficiary.
Get in touch with our Trust solicitors in Wakefield, Ossett, Garforth and Sherburn in Elmet
For advice about Trusts, get in touch with our Trust solicitors in Wakefield, Ossett, Garforth, or Sherburn in Elmet, or fill in our online enquiry form for a quick response.
