Within our team, Catherine Anderson (Head of Private Client) and Gemma Brownlow are probate specialists, and they are supported by Katie Woodward, Joseph Arcari and Julie Froggatt.
At Franklin & Co. we understand personal legal services are often delicate in nature, and the collective skillset of our team is invaluable when providing these services; across our team we hold membership of both Society of Trust and Estate Practitioners (STEP) – a respected body of professional practitioners – and Solicitors for the Elderly (SFE), as well as having a Dementia Friends Champion and an Advanced Will Writer. We pride ourselves upon approaching sensitive matters in a professional yet understanding and supportive way, often to vulnerable clients who need specialist support.
A trust is an arrangement whereby someone (the trustee) holds cash or other property (the trust fund) for the benefit of someone else (the beneficiary). There can be multiple trustees and beneficiaries, and there is nothing to prevent a beneficiary from being appointed as a trustee too. A trust enables you to provide support for loved ones and protect your assets, and Franklin & Co.’s specialists can advise on the best way to achieve this.
We acknowledge that everyone’s circumstances are different, but we have identified below some of the reasons why you may want to set up a trust:
- To pass assets onto the next/future generations
- To provide for vulnerable people
- To pay for education of children/grandchildren
- To provide for children from other relationships
- To reduce inheritance tax
- To protect assets from divorce settlements or creditors
- To manage personal injury compensation
A trust can either be set up during lifetime (in which case the Trust Deed will usually need to be drawn up) or on death (e.g. under the terms of a person’s will). The instrument creating the trust (i.e. the Trust Deed of the Will) will set out the precise terms of the Trust; the trustees will be given all the necessary powers to look after the trust fund (e.g. powers of investment), and also appropriate powers to release benefit to individual beneficiaries (e.g. powers to distribute capital and income, powers to make loans). If the trust will have a tax liability (income, capital gains or inheritance tax), it will have to be registered with HM Revenue & Customs on the “Trust Register”.
Trusts can last up to 125 years (although powers may be given to trustees to bring the trust to an end sooner if necessary), so we understand the importance of getting it right, as the potential future benefit is so far-reaching.
When you choose Franklin & Co. to set up your trust, you can rely on us to take the time to understand your individual circumstances, and provide expert advice on the best way to execute your wishes, giving you and your loved ones peace of mind for the future.
Contact Franklin & Co.’s Private Client team to discuss your personal legal requirements, and choose the right trust for you.
