Ever lengthening waiting times for probate applications to be approved are generating additional burdens for executors, particularly those sorting out issues without professional support. For example, waiting times in respect of more complex...
Trusts, Tax & Succession Planning Solicitors
Trusts, together with other forms of legal planning, can be very helpful in ensuring that family wealth is distributed in a way that is controlled and as tax efficient as possible..
Experience and expertise
There is a lot of misunderstanding about trusts, how they work and for whom they are relevant. A ‘trust’ is simply a means by which assets can be held on behalf of someone else – as such they can be used by a wide variety of people in a wide variety of situations.
Succession planning & control
- Ensuring that adult children cannot spend family wealth irresponsibly
- Protecting family wealth so that if adult children divorce, such wealth is retained within the family
- Allowing a surviving spouse and any children from first and subsequent marriages to benefit from family wealth in a pre-agreed way
Mitigating potential tax liabilities
Although the tax saving potential of trusts has diminished in recent years, they can still play an important role in any tax planning you are considering.
Helping dependent and disabled relatives
We are very experienced in setting up trusts to help support those who might be too young to manage their own affairs or lack the mental capacity to do so.
Personal injury trusts
We are also specialists in creating and managing personal injury trusts, which can help those receiving compensation awards retain their entitlement to state benefits and that money is reserved for long term care needs.
Whatever your situation, we have the expertise and practical experience to advise you on whether and how trusts can be used to help you control and distribute family wealth in the way you think best.
Our trusts & tax planning solicitors can arrange meetings at any of our local offices in York and across Yorkshire, so simply contact your nearest Harrowells office in York, St Saviourgate, Clifton Moor, Easingwold, Haxby, Pocklington, Malton, and Thirsk.