Creating A Trust in Plymouth

At CWC Solicitors, your peace of mind is our priority. We understand that setting up a trust is a vital step in safeguarding your family's future. Our expert solicitors in Plymouth, Tavistock, and Devon provide compassionate and bespoke trust solutions, ensuring your assets are managed according to your wishes. We're dedicated to serving our community with a heartfelt, tailored approach that addresses your individual situation and objectives.

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What is the process for setting up a trust?

The process begins with a  conversation where we listen to your needs and goals. Based on our understanding, we’ll guide you through selecting the type of trust that best suits your circumstances. From drafting detailed trust documents to appointing trustees and transferring assets, we ensure every step is clearly communicated and smoothly executed. Our family law solicitors are here to demystify legal jargon and empower you with knowledge throughout the process.

How long does it take to draft a will?

The time frame for drafting a will varies depending on individual circumstances, but at CWC Solicitors, we strive to offer a prompt yet accurate service. Once we have all the information required, we aim to have a draft ready for your review within a reasonable timeframe, ensuring you have ample opportunity to make any changes before finalising your document.

FAQ's

What is a trust and how can it secure my family's future?

A trust is a legal arrangement where assets are held and managed on behalf of beneficiaries. By creating a trust, you can ensure that your assets are protected and distributed according to your wishes, potentially reducing inheritance tax liabilities and providing financial support to your loved ones when needed.

Do I need a lot of assets to set up a trust?

Not at all. Trusts can be established with a variety of asset levels and for various reasons, including protecting family assets, supporting a family member with special needs, or safeguarding assets for minors until they come of age.

Can I change the terms of a trust after it is set up?

This depends on the type of trust. Some trusts, like living trusts, can be amended or revoked, while others, such as irrevocable trusts, generally cannot be changed once established. It's important to discuss your intentions with our family law solicitors to choose the most suitable trust type for your needs.

Who can act as a trustee, and how do I choose one?

A trustee can be a trusted individual or a professional entity. Selecting a trustee is a significant decision, and we recommend choosing someone who is reliable, financially astute, and ideally has an understanding of your family dynamics. In some cases and depending on the type of assets to be placed in trust, it may be a legal requirement to have two trustees appointed.

Are there different types of trusts to choose from?

Yes, there are many types of trusts, including discretionary trusts, life interest trusts, bare trusts, fixed interest trusts, and charitable trusts, each with their own advantages and purposes. Our solicitors will help you understand the options and advise on the right trust for your situation.

How can I ensure my trust aligns with my will?

We’ll conduct a comprehensive review of your existing will in conjunction with your trust intentions to ensure both align seamlessly. It’s critical that your estate planning documents complement each other to fulfil your final wishes.

What tax implications should I be aware of when setting up a trust?

Trusts can have various tax implications, including inheritance tax, capital gains tax, and income tax. We’ll explain these in a way that’s clear and provide strategies to minimise potential tax burdens.

How long does it take to set up a trust?

The timeframe can vary depending on the complexity of the trust and how quickly all necessary information is provided. Typically, setting up a trust may take a few weeks to a couple of months. Our solicitors in Plymouth, Tavistock, and Devon work diligently to expedite the process while ensuring thoroughness and accuracy.

How do I fund a trust and what assets can I include?

You can fund a trust with various assets, including money, property, investments, or life insurance policies. We’ll guide you through transferring assets into the trust and advise on the best assets to meet the goals of your trust.

If I set up a trust, will it affect my eligibility for state benefits?

Establishing a trust might impact your benefit eligibility, depending on the type of trust and your personal circumstances. We will ensure you’re fully informed about any potential effects so that you can make decisions that best serve your interests.

Why choose CWC Solicitors?

Choosing CWC Solicitors means partnering with a law firm that combines extensive knowledge with a genuine care for Plymouth, Tavistock, and the Devon community. Our approach is rooted in understanding and empathy, ensuring that you feel supported during every stage of setting up your trust. We provide the expertise you need coupled with the down-to-earth service that makes the process approachable and straightforward.

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