Setting Up Trusts

Types of Lifetime Trusts We Offer

We offer a wide variety of lifetime trusts, which allow you to transfer assets to a trust while you are still alive. From standard to bespoke arrangements, these effective life planning solutions help safeguard your assets for your chosen beneficiaries.

Family Trust (Property Only)

Protect your property from risks like divorce or creditors by holding it in trust for the benefit of your family members.

Asset Protection Trust (APT)

Similar to a family trust, but not limited to property, APTs protect specific assets of your estate for beneficiaries.

Pilot Trust

Pilot Trusts are discretionary in nature, and are set up during the lifetime of the settlor, using a nominal amount such as a £10 note. They are commonly set up to accept payment from life insurance policies, death in service benefits or lump sum death benefits from a pension. Additionally, they may be set up to accept assets passed via the will. For wealthy clients, multiple pilot trusts may be used to take advantage of multiple trust NRBs.

Spousal Bypass Trust

Very similar to pilot trusts, spousal bypass trusts are set up with the intention that the spouse will be the main beneficiary of the trust whilst alive.

Bare Trust

A bare trust is a simple trust that is used to hold and manage assets for the benefit of a young person. Once they reach legal adulthood, they take full control of the assets and any income generated.

Disabled/Vulnerable Persons Trust

This trust provides financial support for a disabled or vulnerable beneficiary without affecting their eligibility for means-tested benefits or their care package. It is an excellent way to make sure that assets are managed responsibly for the care and well-being of your loved one.

Why Set Up Trusts in Your Will?

Working with an experienced professional to set up specific trusts may allow you to:

Pass assets out of your estate while still maintaining a substantial amount of control over them
Prevent beneficiaries from accessing funds without the agreement of trustees, which is particularly helpful if the beneficiary is financially unreliable or involved in marital difficulties
Protect assets for future generations, ensuring they are used responsibly and in line with your wishes
Improve the tax efficiency of your portfolio, particularly in relation to IHT
Safeguard assets while providing financial support for loved ones, such as children or vulnerable individuals
Make sure funds are managed appropriately if beneficiaries are too young or lack the capacity to handle their inheritance
Shield assets from creditors or claims in situations such as bankruptcy or divorce
Provide for a surviving spouse while preserving the assets for children or other beneficiaries in the future.

Want to learn more about which trust options fit with your estate planning goals? Contact us for a free, no-obligation chat.