Setting up a trust can be essential, especially when you own substantial property or land. Having a trust in place allows you to provide for loved ones after your death and is a tax-efficient way to administer your property.
If you’re considering setting up a trust, it’s likely you’ll want to ensure handling your affairs will be as easy as possible for your family. Therefore, you’ll need to understand the different types of trust available to you and which will be best suited to your circumstances.
Understanding trusts: why are they necessary?
There’s a common misconception that trusts are only necessary for the highly wealthy. This is not the case. In fact, trusts are for anyone who owns property and needs to take care of it in a tax-efficient way.
In a trust, your assets are transferred to other individuals, known as the trustees, to hold for the benefit of others. There are several different types of trusts available, so it’s key to determine the correct one for you. At Kirbys Solicitors, we’ll get this right for you now, or in place within your will, to make sure your assets are handled fairly and in accordance with your wishes.
Selecting a trust: which is right for you?
With years of supporting generations of clients setting up trusts for their loved ones, at Kirbys Solicitors we’re able to advise you on the right trust for you.