Trusts
Protecting what you have for the people you choose
A trust is a way of holding assets for the benefit of others, with rules about who gets what and when. Used well, it can protect a family home, provide for someone who needs support, or keep flexibility for the future.
- Members of The Society of Will Writers
What a trust is
A trust separates the legal ownership of an asset from the benefit of it. Trustees hold the asset and manage it according to the terms you set, for the people you name as beneficiaries. Trusts can be created in your lifetime or by your will, and they are far more common and less complicated than many people expect.
The trusts we help with
- Property protection trusts, usually in a will, to protect a share of the family home for children
- Discretionary trusts, where trustees decide who benefits and when
- Trusts for vulnerable or disabled beneficiaries, to provide support without affecting their entitlements
- Life interest trusts, so a partner can benefit for life with the capital then passing on
Honest advice about what a trust can and cannot do
Trusts are sometimes sold as a way to avoid care fees or tax. The truth is more careful than that. A trust set up for the right reasons, at the right time, can protect assets in a range of situations, but local authorities and HMRC look closely at arrangements made to put assets out of reach. We will always explain what a trust will realistically achieve for you before recommending it, and we will say so if one is not needed.
Options
Types of trusts
Property protection trusts
Helps protect your share of the family home for your children.
Find out more about Property protection trustsDiscretionary trusts
Gives your trustees flexibility over who benefits, and when.
Find out more about Discretionary trustsVulnerable beneficiary trusts
Provides for a loved one who needs support, without affecting their entitlements.
Find out more about Vulnerable beneficiary trusts
Common questions
Who should I choose as trustees?
People you trust to act sensibly and fairly, who are likely to outlive you and are willing to take on the role. Often they are the same people as your executors. You can appoint between two and four.
Will a trust stop me paying for care?
Not by itself, and anyone who promises that should be treated with caution. A property protection trust in a will can protect the first partner's share of the home for the children after they die, which is a different and more reliable aim. See our guide on care fees and your home.
Does a trust need to be registered?
Most trusts now need to be registered with HMRC's Trust Registration Service, with some exceptions. We will explain whether yours does and what is involved.
Where we work
Home visits across Norfolk and Suffolk
We are happy to come to you. These are some of the towns we regularly visit.
Ready to talk it through?
Get in touch and we will arrange a time that suits you. We are happy to come to your home if that is easier.