Trusts

Trusts are a valuable estate and succession planning tool, allowing you to securely transfer ownership of certain assets to ensure their protection and safe future management for the benefit of others.

Will & Trust Lawyers

Trusts provide a means for you to control the way in which your accumulated wealth or assets are distributed. They can be established by an individual, a family or a company and can be brought into effect at any time.  They can also be written into Wills to control who inherits the assets forming part of the trust and on what terms.

Trusts can offer much-needed protection for assets against claims from creditors in bankruptcy proceedings, and they can considerably reduce tax liabilities including inheritance tax.

The team at Morr & Co has advised clients with the creation and management of trusts for many years, helping individuals and families to protect and pass on their legacies for the next generation. The team will support you with all aspects of establishing and managing a trust, including:

• choosing the most suitable form of trust
• administering trusts
• serving as professional trustees
• reducing your tax liability through the creation of trusts
• removing or appointing trustees
• trustees’ duties and compliance
• accounts, tax returns and continuing tax efficiency
• setting up Wills and trusts for disabled and vulnerable individuals
• varying existing trusts
• dealing with trust-related disputes

Many of our will and trust lawyers are members of STEP, the Society of Trust and Estate Practitioners, and of the Chartered Institute of Taxation. We can assist trustees with all trust-related activities and, where required, can assume responsibility for the general administration of the trust, though the major decisions would still have to be taken by the trustees. We can also introduce the trustees to financial planners and investment managers to advise on their investment options and, if desired, to take over the management of those investments.

Wills and trusts for disabled and vulnerable individuals

With an increasing threat to eligibility for means-tested benefits and extreme pressure on social care budgets, it is vital that those with responsibility for a disabled or vulnerable individual, and those closest to them, seek specialist advice regarding future financial arrangements, particularly in relation to Wills and trusts and the assets they contain.

At Morr & Co, we offer advice on matters relating to financial provision for vulnerable individuals with professionalism and sensitivity. We have specialists within our team who can assist with the preparation of Wills for individuals who are in receipt of means-tested benefits.  They will recommend the most appropriate structure that allows their wishes to be fulfilled without it affecting their entitlement to benefits.

Our solicitors can also advise on the creation of Disabled Persons’ Trusts, which can be used to make provision for a disabled individual in a way that does not detrimentally impact their entitlement to benefits.

Capital gains tax

This will typically apply if you sell an asset in your lifetime for more than its original purchase price, as capital gains tax is payable on the difference – in other words, on the profit or ‘gain’ realised.  It is not just assets that are sold that may attract a capital gains tax liability, as an asset that you dispose of by way of a gift may also be taxable assuming that there are no exemptions available.

If you are planning to sell or give away an asset, we recommend therefore that you should seek advice on the likely tax implications to avoid any unforeseen tax liabilities.

We can also provide advice and guidance on capital gains tax liabilities arising after death when the sale of the deceased person’s assets will often trigger a tax charge.  We can assist with the preparation of the necessary tax calculations, as well as advising you on any exemptions that may be available.

Domicile and foreign assets

If you are a non-domiciled individual (in other words, you consider your permanent home to be in a country other than the UK) and you own property in the UK, there will inevitably be cross-border issues that you will need to consider when it comes to estate planning.  This will extend to the executors of your estate, as they will need to acquaint themselves with the principles relating to the administration of cross-border estates.

Conversely, if you are domiciled in the UK and own assets abroad, you (and in due course your executors) will also need to be aware of the issues that could arise and would be advised to consult with our specialist lawyers for guidance on this complex area of law.

We are also able to advise personal representatives in situations where one or more of the beneficiaries is located abroad, including the taxes that apply in the jurisdiction(s) in question.

Talk to our specialist solicitors for more information.