A trust is a legal arrangement in which an individual (the settlor) gives legal control of property to a person (the Trustee), to hold the property for the benefit of specific beneficiaries. A trust can hold assets – such as land, money, shares or even antiques – for the benefit of one or more ‘beneficiaries’.

Trustees are the legal owners of trusts. Trustees act in accordance with the terms of the trust. These are set out by the person who has put assets into the trust. This person is known as the ‘settlor’

Why have a Trust?

Trusts may be set up for a number of reasons, for example:

  • to control and protect family assets
  • when someone is too young to handle their affairs
  • when someone can’t handle their affairs because they are incapacitated
  • to pass on money or property while you are still alive
  • to pass on money or assets when you die under the terms of your will – known as a ‘will trust’
  • under the rules of inheritance that apply when someone dies without leaving a valid will (England and Wales only)

There are several types of UK family trusts and each type of trust may be taxed differently.

There are other types of ‘non-family’ trusts. These are set up for many reasons. For example, to operate as a charity, or to provide a means for employers to create a pension scheme for their staff.

A trust, if appropriate, can reduce the value of your estate now and therefore at your death. The impact is to reduce the requirement to pay IHT on your estate.

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If you would like to know more about how our tailored services can best suit your needs, do not hesitate to get in touch. Although based in Greater Manchester, we can provide high-quality legal assistance to those who need it around the UK. Call us today on 0161 928 3848, or fill in the online contact form.

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Very happy with McHale & Co dealing with my Mother’s Deed of Probate and sale of her house, very helpful during a difficult time.

Ms. C Jones

Outstanding service. A breath of fresh air!

Ms. M

I would like to thank McHale & Co Solicitors for their excellent work.
The support Helen provided me with was above and beyond, it was her professionalism and her personal and effective responses which made such a difficult time for me a lot more bearable.
I would have no hesitation in using McHale & Co again and will certainly recommend them to family, friends and colleagues.

Mrs B

On behalf of us both, I’d like to thank you Phillippa, for the support and guidance you have given us throughout this process, your service has been second to none.

Again, thank you so much.

Mr & Mrs M

I would like to thank Roberto for his help and support in dealing dealing with a recent case for my son. He was professional, caring and showed great sensitivity. He went above the cause of duty in his handling of the case. He made a very traumatic and stressful situation easy to bear. I will be eternally grateful to him. He is a great asset to McHale & Co. Once again Thank you.

Ms C

Paul Fitton,

Many thanks for your help.  Very best of advice at all times.

Thank you to all staff.

Mr S and Mrs K

I am very pleased with the help that I received. Thank you. Certainly would recommend.

Mrs G

I have dealt with Paul Fitton both by phone and email regarding advice about getting compensation from a world wide organisation. From the start Paul was professional, knowledgeable, friendly and gave very sound advice too. Plus I won the case. Thank you Paul, very much appreciated

Ms G

Excellent and professional service with clear explanations and guidance throughout. We can thoroughly recommend the firm and in particular Philippa Wright, Head of Wills and Probate.

Mr & Mrs N

A quick, efficient way to ensure your wishes are recorded for end of life. Good advice given and explained in a clear concise manner. Thank you.

Ms E

Michaela was exceptional in both advice and the completion of the will. Michaela was kind, considerate, professional and her manner and personality was one that inspired confidence from the very first meeting, going way above what I expected.

Mrs M

Wonderful service provided by Helen Green – very thorough knowledge. I am extremely satisfied as I was helped through a difficult time when I was uncertain how to go forward.

Mrs C

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