HMRC inheritance tax documents

Trusts and inheritance tax planning

Specialist Wills and trusts for succession and tax planning

Our team of solicitors are experienced in using Wills and trusts for complex inheritance planning and tax mitigation.  We often advise on the following types of Wills:

  • Asset protection Wills – these Wills ensure that your beneficiaries receive the maximum benefit from the family estate by protecting it against claims from third parties
  • Next Generation Protection Wills – are designed for married couples, or couples in a registered civil partnership, who have children. These Wills protect the child’s inheritance against 3rd party claims – e.g. taxation, divorce and bankruptcy.
  • Family Protection Wills – this type of Will combines our Next Generation and Asset Protection Wills to provide asset protection for each generation of the family.
  • Second marriage Wills – these Wills help couples in second marriages or civil partnerships to ensure that children from previous relationships can inherit certain assets.
  • Exempt assets inheritance tax plan – a pair of Wills, with trust provisions, that enable you to take full advantage of the inheritance tax reliefs available for certain business and/or agricultural assets. These Wills are tailored to suit your circumstances and can also incorporate elements of our Asset Protection, Next Generation and Family Protection Wills.
  • Property Fragmentation Wills – these Wills place part of a property into a trust in order to save inheritance tax at a later time. These Wills can also incorporate the preferred elements of our Asset Protection, Next Generation and Family Protection Wills.
  • Foreign property Wills – if you own foreign property you may need a specialist Will. Our world-wide network of legal specialists and wealth of experience of acting for clients with overseas assets will ensure your overseas property is properly dealt with.
  • Charitable or lifetime giving – inheritance tax exemptions are available if you properly structure your charitable or lifetime giving. We can advise on the correct way to do this to maximise the availability of these reliefs.

If you’d like to learn more about which Will or trust is right for you? Read our helpful ‘Which Wills do we need?’ flowchart or contact a specialist Wills and trusts solicitor.

Using a trust to pass on assets before you die

You may wish to use trusts as part of your lifetime estate planning. For instance:

  • To pass money to children or grandchildren so it is not taxed on your death. Placing this money into a trust ensures that funds can be protected until those children reach an age where they can manage the funds responsibly.
  • To help children onto the property ladder.
  • To provide for vulnerable or disabled family members.

Trust administration

As well as advising on the creation of new trusts, we have a dedicated team of trust administrators who are responsible for the day-to-day running of over 1000 existing trusts.

Their work includes:

  • Managing the trust assets;
  • Advising trustees on their duties and responsibilities;
  • Liaising with beneficiaries regarding their entitlements;
  • Preparing annual trust accounts and tax returns;
  • Assisting trustees with their obligations under FATCA and CRS; and
  • Advising on inheritance tax compliance during the lifetime of the trust and on cessation.

Our trust administrators are also able to act as a central point of contact for other professionals involved with trusts, such as investment managers, brokers, land agents and accountants.

Professional trustees

Our own trust corporation, Clarke Willmott Trust Corporation Limited can act as trustee of your trust, whether on its own, or jointly with other individuals. We see this as a good example of the personal and trusted relationship we seek to develop with all our clients.

Business succession planning

If you own your own business, you should take expert advice to ensure that it passes to the next generation without incurring unnecessary tax charges.  Business relief from inheritance tax is a valuable relief which can reduce the taxable value of an asset to nil.  It is, however, essential to arrange your affairs in such a way so as to ensure this important relief is used to its maximum advantage.

We are experienced in helping business owners to structure their affairs in a tax efficient manner.  Our Business Succession Plan consists of Wills and associated documents designed to maximise the benefit of business relief from inheritance tax, ensuring the inheritance tax  payable on an estate, which includes business property, is minimised to the greatest possible extent.

We can also call on colleagues in other departments to provide expertise where partnership or shareholder agreements need to be revised as a result of your succession planning.

Related services

Helpful links

Contact a specialist trusts solicitor

For trusts or inheritance tax advice contact one of our expert solicitors on 0800 652 8025 or contact us online.