Lifetime Trusts

What is a lifetime trust?

A Lifetime trust is a trust which is created by someone, known as a trustee, which takes effect during their lifetime rather than on their death. The trustee administers the trust according to the terms and conditions specified in the trust document. The purpose of a lifetime trust is often to protect and manage assets for specific reasons, such as: estate planning, asset protection and tax planning

Why set up a lifetime trust?

Many people set up these trusts in order to effectively deal with tax planning and to reduce their inheritance tax bill on their death.

This is a very specialised area of law which requires professional advice. There are risks that need to be considered as you may be giving away assets you still wish to benefit from, or making gifts that have adverse tax consequences. Our team of expert solicitors in Doncaster and Sheffield can talk you through the process.

For more information, download one of our guides. Alternatively, give us a call on 01302 341414 for our solicitors in Doncaster or 0114 272 1884 for our solicitors in Sheffield and our friendly team will be happy to have a chat with you.

What other types of trust are available?

There are numerous types of trust available, the most common types are: