Trusts

Trusts are tax-efficient arrangements that allow you to give away assets such as money, property and shares, in a way that you specify, for the benefit of the people you choose.

Although they are often thought of as only for the wealthy, they can be equally valuable for people with much more modest assets and are a useful tool in reducing tax liabilities, particularly inheritance tax, whether they are created during your lifetime or by your will.

For example, trusts can be particularly useful as part of estate planning for couples who are not married or in a civil partnership or where arrangements for passing on wealth are made more complex by previous marriages where stepchildren are involved or where a child has a disability and requires long-term care and support.

At Banks & Co, we are experienced in trust work and provide expert advice on your options regarding trusts as well as on the preparation of your will.

For example, trusts can be used to reduce the cost of your own care in later life or to specify at what age or in what circumstances you wish your beneficiaries to receive money or property. You can even use trusts to protect assets indefinitely if you do not wish your beneficiaries to have full control of these.

We’ll work with you to explore how trust solutions can benefit you and your family, creating a flexible, well-drafted trust that can play a key role in your longer-term tax and financial planning.

We’ll advise on the most suitable type of trust for your purposes, set up trusts, and provide a full range of accounting services for trusts. Where appropriate, we can act as trustees.

For more information on how we can help you, please contact us.