Trust services and advice
Trusts frequently provide the tools to facilitate a smooth wealth transition between generations, and they can also be used to mitigate inheritance tax and other taxes.
Looking for professional support in setting up a family trust?
When establishing a trust, it is vital that your personal circumstances and requirements are carefully reviewed so that the right plans can be put in place.
We can help guide you through the process of setting up a trust, in line with the needs of you and your family. Trusts can offer significant asset protection opportunities, enabling you to retain greater control when compared with an outright gift. They are an excellent way of empowering the next generation to take on the responsibilities of owning wealth.
Without the right support, trust administration can be a complicated task. We can assist with all the relevant aspects ensuring the tax affairs of the trust are correct and fully up-to date, and that the trustees are fully compliant with their duties and responsibilities.
Our comprehensive range of services aim to assist in navigating the complexities of your finances, allowing you to make the most of your money.Â
Progeny Law and Tax have been selected as one of the Top Law Firms by eprivateclient which recognises the top private wealth law firms and departments across the UK.
Our financial and legal advisers work closely together to get the best results for you, your family and your business.
Progeny is proud to be a part of the B Corp community and its framework for building systematic and sustainable change within business communities around the world.
Types of trusts.
There are a wide range of trusts available, each with various tax rules, so planning correctly is important. The main types of trust used in the UK are:
01
Bare trusts
Bare trusts tend to be used if you want to pass any of your assets to a young person, usually a child or grandchild who is under the age of 18 (or 16 in Scotland).
02
Interest in possession trusts
These trusts offer a way to pass on an asset whilst providing for others. One beneficiary has an automatic right to any income generated by the asset whilst the asset itself will ultimately pass on to another beneficiary.
03
Discretionary trusts
Discretionary trusts allow trustees to make decisions about how any income and capital from the trust is used. These decisions may include how much is paid, to which beneficiaries and how often.
04
Will trusts
Trusts can also be set up under your Will, and these are useful where you need flexibility or where the rules you want the trustees to apply would be very lengthy and complicated if incorporated in a Will.
Why choose Progeny?
Some of the matters that we frequently assist our clients with are;
Our professional trusteeships are managed through our Trust Company, Wilfred T Fry (Executor and Trustee) Limited. The company is a wholly owned subsidiary of Progeny Law and Tax and is operated by senior fee earners in the private law team who all have many years experience of dealing with trusts and estates.
Each trust and each family we deal with is different and we will therefore tailor our fees to your individual circumstances. Our fees are either based on the time spent or on a fixed annual cost. Please contact one of our team for more information.
Our Trust Company
Our professional trusteeships are managed through our Trust Company, Wilfred T Fry (Executor and Trustee) Limited. The company is a wholly owned subsidiary of Progeny Law and Tax and is operated by senior fee earners in the private law team who all have many years experience of dealing with trusts and estates.
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Frequently Asked Questions
A trust is an arrangement which can be used to hold your assets and determine what happens to them in particular situations. Trusts are useful when it comes to tax and estate planning, as they ultimately give better control over your assets. They can be a good solution if, for example, you want to use an asset to provide an income for your spouse for a period of with the ultimate beneficiaries being your children.
As a trust needs to be a legally bound contract established with specific wording, it is beneficial to seek advice from a professional to ensure the trust deed has been drafted correctly and avoid any uncertainty.
A trustee of a trust can also be a beneficiary of the that same trust. However, its good practice that at least one trustee is not a beneficiary.
You can choose anyone or an organisation such as a charity to be a beneficiary of your trust. You can also choose people based on relationships such as grandchildren or future great grandchildren.
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Please Note
The Financial Conduct Authority does not regulate, Â income tax planning, will writing, trusts or inheritance tax planning.
Tax treatment depends upon individual circumstances and is based on current UK tax legislation, that is subject to change at any time.
Wilfred T Fry (Trusts and executors) Limited is not regulated by the Financial Conduct Authority.
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