Setting up a Trust Fund

Trusts are a popular way of protecting and managing assets, including money, investments and property, but making sure they are set up and managed effectively is essential. Our highly experienced solicitors can guide you through every step of creating and managing a trust, giving you complete peace of mind.

We can help you with various different types of trusts, including trusts for controlling family assets, trusts to provide for under-18s and those incapable of managing their own affairs, and trusts for passing on assets while you are still alive or in the event of your death. Our trusts team can talk you through all of the legal ins and outs in plain English, making sure you understand your choices so you can decide how to move forward with confidence.

Our trusts solicitors in Wakefield and Ossett have experience of setting up a variety of different types of trusts, meaning we can advise you on the best type of arrangement for your situation. Our expertise means we can make it as simple and stress-free as possible to set up a trust for you or a loved one, allowing you to plan for the future effectively.

Speak to one of our trusts solicitors now by calling 01924 290 029 or use our online enquiry form and a member of our team will be in touch promptly.

Our legal services for setting up and managing trusts

Our trusts solicitors can help you set up a variety of different types of trusts, depending on your needs and circumstances.

Types of trusts

Bare trusts – The assets in the trust are managed by the trustees, but the beneficiary has the right to take possession of the assets at any time as long as they are 18 or over.

Interest in possession trusts – The trustees must pass all income from the trusts straight to the beneficiary as soon as the income is generated, although they can deduct reasonable expenses.

Discretionary trusts – The trustees can decide how to use the trust income and, depending on the trust deed, the capital. The Trustees may be able to accumulate income from the trust and add it to the capital, depending on the trust deed.

Trusts for the vulnerable – These are Trusts for individuals who must be either mentally or physically disabled or someone under 18 years of age who has lost a parent through death

Settlor-interested trusts – The settlor or their spouse/civil partner can benefit from the trust.

Who can benefit from a trust?

Trusts can be used to benefit a variety of people, however they are perhaps most commonly used for:

Gifting money to under 18s who are too young to look after it
Looking after someone with an illness or disability that means they are unable to manage their own affairs
To provide for elderly and vulnerable people unable to manage their own affairs
To manage certain types of compensation, such as personal injury compensation, so they do not affect your liability for state benefits
To reduce personal tax liability
To safeguard an inheritance for you family e.g. against the possibility of your spouse remarrying after your death

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Common questions about trusts

How do you set up a trust fund?

How much does it cost to set up a trust?

Who can be a trustee?

Is it worth having a solicitor as a trustee?

Do you have to pay tax on money in a trust?

What happens to a trust when someone dies?

Why choose Thornton Jones’ trusts solicitors in West Yorkshire?

Our trusts and estates solicitors are highly experienced with specialist training in the creating and management of trusts. Our team includes a qualified Trusts and Estates practitioner and member of Solicitors for the Elderly, ensuring we have the skills and sensitive, practical approach you need to manage your legal affairs.

Every Thornton Jones client receives the support and attention of a senior member of our team – a service most larger firms cannot match. As a result, our team can guarantee you the very best expertise and client care, helping you to quickly and efficiently find the right legal options for you and your loved ones.

Thornton Jones is accredited by the Law Society for Family Law and Wills & Inheritance Quality, reflecting our expertise in these areas. We are also accredited by the Law Society’s Conveyancing Quality Scheme (CQS) meaning you can rely on us to effectively handle any property transactions involved in setting up or managing your trust.