FAMILY PROTECTION TRUST ADVICE & CREATION
TRUST ADVICE & CREATION IN SCOTLAND
Tim Weir has provided a first class service to our family from start to finish, helping us sort out an estate, wills, power of attorney and more. Always available on the end of emails, phone and in person to assist, advise and explain different aspects of the legal process. In addition, his fees are very competitive and transparent. Would happily recommend Weir Law to others.
Highly recommend. They were efficient, helpful and answered all my questions. The process of setting up my Will was quick and seamless and I will definitely use again.
Tim Weir was absolutely brilliant in helping me sorting out a trust account. Always there at the end of the phone to help where ever possible. Very professional and polite at all times.
Tim Weir provided an extremely supportive and professional service. I thoroughly recommend his approach to business.
Tim was prompt, diligent and patient and had an excellent manner in dealing with my father. I was extremely pleased with his fee, this easily beats his competitors for the same service.
The service provided by Weir Law was second to none. They were excellent from start to finish. Always contactable and very fast to reply, takes the time to explain things and answer all questions. I will be using them for all future needs and referring my friends to them.
With a trust, you can:
Control how your assets are used in the future.
Appoint reliable people to administer your trust.
Protect vulnerable or underage beneficiaries.
Maintain your entitlement to claim means-tested benefits following an injury.
Family Protection Trusts are often regarded as complicated, but they really don’t have to be. At its simplest, a trust holds assets on behalf of people who cannot or perhaps should not own them outright themselves.
With a professionally drafted trust you can go a long way to protecting your cash, assets and family members. There are a host of financial and welfare benefits to creating a trust, but financial advice must be sought if you are considering a trust – as there are many tax and financial implications you must be made aware of before creating a trust.
There are many forms of trust you can make now or that can be set-up in the event of your death. The type of trust that fits your wishes will depend on your personal circumstances, preferences and financial situation. Each type of trust comes with its own requirements and tax implications – be it Capital Gains Tax, Income Tax, Inheritance Tax or any other tax regime.
A Discretionary Trust gives your trustees absolute discretion regarding the administration of the trust – including how the income (i.e. interest) and capital is to be distributed. This means that the trustees you name in the trust deed will have the right to determine which person or persons receive anything from the trust – and at whichever frequency they so decide. You can provide your trustees with guidance in the form of a letter of wishes, but your trustees themselves will have the final say.
This is a simple version of a trust, most commonly used to hold personal injury compensation money. In a bare trust, one or more beneficiaries has an absolute entitlement to both the trust income and capital. There is no discretion afforded to the trustees, as the identity of the beneficiaries is explicitly stated.
This is most commonly created in a will. If you own a house with someone else and you’re concerned that your surviving co-owner may sell or transfer the house to someone other than your family or loved-ones in the event of your death, you can state that your surviving co-owner can occupy and use your share of the house but not obtain the legal ownership of that share.
The property is held by your trustees on behalf of the surviving co-owner, who is entitled to use and enjoy the property. On the co-owner’s death (or other event specified by you), the property will pass to the beneficiaries you have named in your liferent trust.
Vulnerable persons trust
It is often the case that substantial assets or sums are to be passed to someone who is incapable of safeguarding these assets or sums by themselves. In certain circumstances, a vulnerable person’s trust can protect such a beneficiary from financial embarrassment, however eligibility for a vulnerable person’s trust is predicated upon strict criteria, as there are substantial tax benefits available for this type of trust.
We serve all Scottish areas including Glasgow, Edinburgh, Dundee, Aberdeen, Fife, Stirling, Inverness, Perth, Troon, Oban. A trust advice service Scotland can rely on.
Family Protection Trust Q&A
How to get best advice on setting up trusts?
Setting up a trust can be complicated – it's best to use a solicitor to avoid costly mistakes. You can put money, property, investments or other assets into the trust. Depending on the type of trust you use, it might have to pay tax and the trustees might need to complete tax returns.
Do I need trust advice?
There are many different types of Trusts which can be used in many different ways. As such, you ought to seek advice before taking steps to create a Trust. You will also require financial and taxation advice on the consequences of creating and running a Trust. Trusts are often regarded as complicated, but they really don’t have to be. At its simplest, a trust holds assets on behalf of people who cannot – or perhaps should not – own them outright. Contact us today to get the best advice on your Trust.
What is a Family Protection Trust?
A Family Protection Trust is a legal document, created during a person’s lifetime, that transfers some of their personal assets into trust (as a separate legal entity). This type of Trust has been offered by a number of solicitors in Scotland – to greater or lesser effect. At Weir Law, we can provide you with advice and assistance in relation to any existing Family Protection Trust created by McClure Solicitors (or other law firms). We also provide initial guidance to people who may be considering such a Family Protection Trust.
How do I name new trustees?
If the current Trustees wish to step-away from the Trust – either due to age, incapacity or unwillingness – these existing Trustees must formally assume (i.e. appoint) a new Trustee or Trustees to take their place before they resign from their Trustee duties. We can prepare all necessary documents and registrations to ensure that the Trust is controlled by appropriate and willing Trustees.
TRUST ADVICE & CREATION IN SCOTLAND
No matter where you are in Scotland, if you are looking for general or specific advice on setting up any type of trusts, contact us today for a no-obligation chat.