When organising your estate, a trusts lawyer can provide a great deal of reassurance either in providing for loved ones who could not look after themselves in the event of your death or simply in saving the beneficiaries money through tax planning.
Why use a trusts lawyer? Most people seek advice from a trusts lawyer to guarantee the inheritance of their children. When making a will that involves young children a trusts lawyer would probably argue that the setting up of a trust is vital. They can help ensure financial protection for your children in your absence by arranging for your assets to be controlled by a third party known as a trustee. They can also make a similar arrangement for an individual who cannot handle their affairs due to disability.
A trusts lawyer can also assist with tax planning; although changes to the law in 2006 have, to some degree, mitigated their protection from inheritance tax. Again, a trusts lawyer whose knowledge of the special tax treatment of trusts could save your beneficiaries money. Once your assets have been transeferred in such a manner though, they may be inaccessible.Those who set up a trust before changes to the law came into effect may need to consult a trusts lawyer again to check that their situation remains unchanged. You may also want to consult a trusts lawyer if you are the beneficiary of a trust and wish to make arrangements for those assets upon your death.
What does a trust lawyers do? An initial consultation with a trusts lawyer will first of all help clarify your tax liabilities. Your trusts lawyer will then be able to outline the benefits and limitations of setting up a trust. As with a will, he or she will be able to include most types of assets in your trust, including cash, stocks, shares, property, land and personal posssessions. You can instruct your lawyer to set out how the assets and their income should be used and who the trustees and beneficiaries should be.In the long term the trusts lawyer will also be able to administer the trust including ensuring that your various tax commitments are met.