Types of Trusts.
Discretionary Trusts
A Discretionary Trust in your Will allows your chosen trustees to have full control over how and when income or capital from your estate is distributed among the beneficiaries. This flexibility can be useful if you wish to stagger inheritance for children, protect against the loss of means-tested benefits, or preserve assets for specific circumstances. Beneficiaries can include children, step-children, charities, companies, or any defined class (e.g. grandchildren).
This type of trust helps uphold protection, maintain control, and prepare for unknown future events, while also being a powerful inheritance tax (IHT) planning tool. It can:
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Take advantage of business or agricultural relief
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Use up IHT allowances efficiently
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Keep certain assets out of a surviving spouse’s estate
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Reduce the taxable value of your main residence
Life Interest Trusts
A Life Interest Trust ensures your spouse or partner can remain in the family home for life, after which it passes to other beneficiaries—often children from a previous relationship. This is particularly helpful in second marriages or blended families. The surviving spouse has the right to occupy the property but cannot redirect ownership.
The property must be held as tenants in common. There’s no increased risk in only owning a share – in fact, it protects your intentions for inheritance. These trusts offer flexibility to move or reinvest, and our team will ensure any financial needs or terms of occupation are considered.
Business Property Trusts & Agricultural Property Relief Trusts.
We take every opportunity when writing your Will to identify where inheritance tax relief can be applied, especially with assets that may qualify for Business Property Relief (BPR), Agricultural Property Relief (APR), or the Nil Rate Band. By incorporating these into a discretionary trust, you can maximise available reliefs and still provide access to the surviving spouse and other beneficiaries.
Key benefits include:
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Preserving tax relief within a trust, reducing the taxable estate
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Maintaining flexibility for beneficiaries
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Using reliefs on both the first and second death through effective planning
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Opportunities to vary the Will post-death for IHT efficiency
This tailored approach ensures valuable assets, like farms or family businesses, are passed down without unnecessary tax liabilities. It also enables future generations to benefit from the groundwork laid by previous ones.
Succession Planning
Succession planning doesn’t need to be overwhelming. For families with business or farming interests, putting the right trust structure in place can ensure fairness, preserve legacy, and avoid costly errors. Whether you’re protecting your main residence, planning for business continuity, or looking ahead for your children and grandchildren, our trust experts will guide you through the options.
With expert advice, complex trusts become practical solutions. Don’t leave your legacy to chance – get in touch with our team today to discuss the best way forward.
A private client solicitor oversees the entire process and formation of a lifetime trust.
This includes:
- Initial meeting to advise you on the tax implications of setting up the trust and the amount to be transferred into the Trust.
- Assist with the practical bespoke drafting to create the Trust deed;
- Register the Trust with the HMRC Trust Registration Service
- Assist with opening trust bank accounts and liaising with the top financial advisors in your area;
- Prepare transfer documentation to transfer the assets into the trust.
- Advise and assist with tax returns and trust administration on an ongoing basis;
- Ongoing taxation advice (i.e. ten ten-year anniversaries and tax returns); and
- Amending and registering your deeds with third parties to reflect the change of ownership.
We’re a full-service private wealth practice with teams covering every conceivable aspect of setting up lifetime trusts and inheritance tax planning. Therefore, if you need support with setting up trusts, lifetime gifting, setting up a will or any other estate planning issue, our expert team can provide advice and assistance with your queries.
THE BEST IN THE BUSINESS.
Our experienced team works closely with you to create tailored Lifetime Trusts, offering expert guidance to help you protect your assets, support your loved ones, and plan confidently for the future.
Russell Kaminski
Partner and Head of Private Client
Lucy Cresswell
Associate
Alison Rocca
Partner
Jason Stanley
Partner
Holly Greensmith
Solicitor
Matt Fleetwood
Group Chief Executive & Founder
Mark Dawson
Group Managing Director
Amanda McAlister
Head of Group Consumer Brands
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Secure your family’s future with expert trust advice – contact us today for personalised guidance.
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