Setting up a trust to protect and control your assets can be an efficient way of controlling the amount of Inheritance Tax and Capital Gains Tax you pay. A trust can also be used to look after loved ones and ensure that they have financial security, even if they are not in control of the capital themselves.

Bespoke advice for you and your family

At Blaser Mills Law we can provide ongoing guidance and support to ensure your assets are working for you in the way that you want. We take the time to get to know you and to understand how you want to look after your family and loved ones, both now and in the future.

Our advice is always clear and straight-forward, and we make sure we are always available to talk through any concerns you may have and answer all of your questions. Our trust fund and tax planning solicitors have worked across a range of high-value matters involving high-net-worth individuals, including sports professionals. We have helped them to effectively manage their wealth in a way the ensures the long-term prosperity of their family. We aim to provide peace of mind as well as financial security for you and those you care about.

Trusts and Inheritance Tax planning

By putting funds into a trust, they are no longer part of your estate. This means that ultimately any assets that have been transferred to a trust may not be included in the calculation for Inheritance Tax. Trust monies are also protected from relationship or business difficulties.

This means that by creating a trust, you can direct your assets where you want them to go, for example, to provide for children or grandchildren, as well as reducing your overall Inheritance Tax liability.

Setting up a trust

To set up a trust, you need to choose trustees and have a trust deed or Will drawn up appointing them to control the trust. You would then transfer the assets to the trust, or this would be done during the administration of your estate. These assets could be property, cash, business interests or other investments. Our team will discuss with you how to choose the right trustee and advise you on the transfer of assets.

A trust deed can contain rules, set down by the person putting funds into the trust, known as the settlor. Different types of trust give trustees and beneficiaries varying rights to the funds in the trust. When setting up a trust, we’ll help you decide which type of trust will be most suitable for your situation and explain the advantages.

A common type of trust is the discretionary trust, where the trustees have discretion to pay income and capital from the trust to the beneficiaries as they see fit.

A life interest trust is also often used to give someone the use of an asset during their lifetime, for example, a spouse with a life interest in a property could live there for as long as they wish, then when they leave or die, the property would be passed on in accordance with the owner’s Will. This is particularly useful in the event of a second marriage, where a new partner can stay in their home for the rest of their life but ultimately the property would pass to the children of a first marriage.

Trust funds for future generations

If you have children whom you wish to provide for after you are gone, you can use your Will to create a trust with the purpose of funding their needs until they reach adulthood. Your assets will be transferred to the trust on your death and the trustees would be responsible for looking after these funds and paying for your children’s needs in accordance with your wishes. This could include living expenses, education and money for a car or other expensive item.

When setting up the trust in your Will, you can choose the age at which your children are to inherit the money in the trust outright. If you have a child who will not be able to manage their own affairs, then the trust can continue for as long as needed.

Contact us

Trusts can seem complicated, but it is an extremely useful way of protecting funds and providing for future generations. At Blaser Mills Law we have extensive experience of all types of trusts and will help you decide on the most efficient and secure planning for your estate and your loved ones.

Contact Jonathan Gallop on +44 (0) 1494 781 360, emailing at or filling in our contact form today.

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