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Trusts are not just for the wealthy and can be extremely helpful when it comes to many aspects of tax planning and asset protection trusts. They’re a great way to protect your estate and ensure your future planning is as efficient as possible.

Setting up a trust is a very complex area of law and for this reason, it needs a professional touch. Our experienced team of trust solicitors will listen carefully to the situation and will set up an irrevocable trust according to your desires and needs ensuring no stone is left unturned.

To speak to one of our trust solicitors in Manchester, you can call us on 0161 930 5151 e-mail us at willsteam@gorvins.com or fill in the online contact form.

What is a family trust or an asset protection trust?

A family trust or an asset protection trust could be a discretionary trust you and your partner can set up to protect your assets from inheritance tax, residential care fees or even events such as bankruptcy and divorce.

Most of the assets covered under these trusts include things like residential property or cash and will ordinarily be held for the children and/or grandchildren of the person/people who commit the assets to the trust.

Gorvins Approach to Trusts

Our approach to setting up any type of trust, whether it’s an asset protection trust or a general irrevocable trust is to put your needs and wishes first. From there we will provide you with cutting-edge and up-to-date legal knowledge to help you set up your trusts in the most efficient and effective manner. All members of our trust solicitors in Manchester are highly skilled in advising clients on the best way forward for their individual circumstances. There can be several reasons for setting up a trust:

  • Keeping money and assets with the direct family
  • Looking after money to be passed to young children
  • Protecting vulnerable or disabled beneficiaries
  • Protecting your estate from the impact of care home fees
  • Inheritance tax planning
  • Asset protection trust planning
  • Flexibility – to enable decisions about who benefits from your estate to be finalised later
  • Protecting means-tested benefits after receiving personal injury damages

How do I know if I should set up an Irrevocable Trust?

If you want to ensure your assets and estate are kept to those who you want to benefit, then setting up an asset protection trust is an excellent way to proceed. They aren’t just for the rich amongst us, instead, they offer a real and practical way of making sure your wishes are fulfilled and your money is protected in the long term. One example is putting money into a trust for your children to purchase a home when they are older instead of gifting it directly. This allows you to have control over the assets but is also one way of mitigating inheritance tax as the value of the gift is removed from the estate.

How Can Our Trust Solicitors Help?

This area of the law is constantly changing so it is vital that you seek specialist advice to ensure that your estate is properly protected and that your family doesn’t lose out on what should be theirs. Our highly trained and well-versed trust solicitors will advise you on whether the use of a trust is relevant to you and help to guide you to select the right type that will benefit you and your loved ones the most.

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Meet the Wills, Trusts & Probate team

  • Michael Smoult

    Partner & Head of Wills, Trusts & Probate
    Wills, Trusts & Probate

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What Wills, Trusts & Probate services do we offer

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