Skip to main content

Save Tax by Setting up a Trust

What is a Trust?

Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance taxes.

Why should you set up a Trust?

Setting up a trust can help to protect your assets and save tax at the same time. For example, you might want to give your grandchild a lump sum, but not want her to spend it on the wrong things. By putting the money in trust, you can be sure that your grandchild will benefit from the money. Your appointed Trustees will manage the funds so that they are spent in line with your wishes. You could also benefit from a tax saving.




How do you set up a Trust?

A private client solicitor can set up and administer a trust. They will provide expert legal advice on what needs to be done to protect your assets and reduce inheritance tax. If you die within 7 years of establishing a trust, the assets in the trust become taxable. The solicitors at Fergusson Law in Edinburgh can provide expert legal advice on Trusts, Inheritance Tax, Wills and Estate Planning.
Labels:
Location: Edinburgh, UK

Comments

Post a Comment

Popular posts from this blog

Notary Public Services

What is a Notary Public The Law Society of Scotland states: "Historically, the notary public in Scotland has performed an important function in the legal life of the country. From the 13th Century, the notary developed distinct from the lawyers branch of the profession but in comparatively recent times these functions have enjoyed a resurgence. The influence of the Civil or Roman Law on Scotland is clear in this separate development of the notary public in Scotland. In many other jurisdictions, the distinction remains today. In England, for example, the profession of notary remains separate from that of Solicitor and although many notaries in England are also Solicitors not all are, and there are firms comprising notaries only. Notaries public play an important legal role in Scottish life where the legal validity of a document requires the swearing of an oath. Only solicitors/notaries in possession of a practising certificate can act as notaries in Scotland". N
1 comment
Read more

Write A Will From the Safety Of Your Own Home

Will Writing Services At Fergusson Law in Edinburgh, we believe every adult should write a Will .  This very important document means that should the worst happen, your final wishes will be granted as you expected.  Having a Will means that you can ensure your loved ones are protected after your death and they avoid unnecessary expense and stress at a very difficult time.    Should you die intestate (without a Will), your Estate, no matter how small or large, will be divided and passed on according to the laws of intestacy.  This may result in the people you wish to inherit not getting anything. For instance, a partner you live with may get less than an ex-spouse.    Coronavirus (COVID-19) Rules Currently, we cannot open our office as usual, due to the lockdown rules.  However, this does not mean we are closed for business.  It just means that we are working from home and can be contacted by email or telephone.  We can even write an official Will at this time so plea
Post a Comment
Read more