Marine Lake at Knightstone, Weston-super-Mare


The trust is a one of the most important institutions of the law of England and Wales. Berry Redmond Gordon & Penney have a great deal of experience in this area and can advise on effective and suitable trust arrangements, the tax consequences of them, and prepare the documents required to create them.

A trust is an arrangement which binds a person (called a "trustee") who is given the control, either alone or with others, of money, investments or property to deal with them for the benefit of persons (called "beneficiaries"). Many clubs, associations and organisations exist under trust deeds. A trust can be created by a person during their lifetime or by their will on their death in many different ways and for many difference purposes. It can give trustees great flexibility as to how they administer and manage the assets and how and when beneficiaries receive payments or other benefits.

Some of the principal motives for a person to place property in trust are:

  • to benefit a beneficiary lacking legal capacity
  • to retain control of the devolution and management of family assets while at the same time transferring beneficial ownership to beneficiaries
  • to benefit a beneficiary lacking maturity where there is a fear that they will dissipate the assets
  • to achieve management of and responsibility for assets by trustees better qualified to conserve and develop them
  • to achieve inheritance and other tax savings
  • to shield assets against claims made against a beneficiary by third parties.

Trusts are commonly used for the following purposes:

  • to give money or property to benefit children so that they receive payments of income or capital for maintenance and education but do not become entitled to the whole of the capital until attaining a specified age
  • to enable a number of persons to own shares in a dwelling house and to regulate which of them have rights to reside in it
  • to benefit a person, who is profligate, bankrupt or under a mental or physical disability, but leave the control of the assets with trustees to decide when and how payments are to be made
  • on the death a person, to give their surviving spouse the right to the income from or the use of capital or property during their life with the capital passing to the deceased's children or others on the death of the spouse
  • to benefit a group of beneficiaries in the future, but leave the trustees to decide from time to time which one or more of the beneficiaries should benefit, and at what time or times, and to what extent
  • as part of estate planning, to minimise the amount of inheritance tax and capital gains tax which may become payable.

A person making a trust during his lifetime can be a trustee and a beneficiary of it.

Berry Redmond Gordon & Penney have the experience to advise you on effective and suitable trust arrangements, the tax consequences of them, and prepare the documents required to create them.

Contact us now to find out how this approach might work for you.

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