Trusts
- Protect Your Assets & Provide for Loved Ones with Confidence
- Tailored Trust Planning for Family, Estate & Business Needs
- Expert Guidance to Help You Secure Your Legacy for the Future
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Trusts – Protecting Your Assets and Providing for the Future
When you’ve worked hard to build your wealth, it’s only natural to want to protect it — both for yourself and for the people you care about most.
A Trust allows you to decide how your assets are managed and distributed, ensuring they’re used exactly as you intend. Whether you want to provide for children, protect a vulnerable loved one, or reduce inheritance tax, a well-structured Trust can offer security, flexibility, and control.
At L & K Financial, we’ll help you understand how Trusts work and how they can form an important part of your estate and financial planning.
What Is a Trust?
A Trust is a legal arrangement where assets (such as property, savings, business shares, or investments) are placed under the control of Trustees — people you choose — to manage on behalf of your beneficiaries.
The main roles within a Trust are:
- Settlor – the person who sets up the Trust and places assets into it.
- Trustees – the individuals or professionals who manage the Trust and make decisions about the assets.
- Beneficiaries – the people who benefit from the Trust, such as family members or loved ones.
Trusts can be set up during your lifetime or as part of your Will, and they provide peace of mind that your estate will be handled according to your wishes.
Why Set Up a Trust?
Trusts can be used for a range of purposes, including:
- Protecting assets for future generations.
- Providing for children or dependants who are too young or vulnerable to manage money themselves.
- Reducing inheritance tax liability.
- Controlling when and how funds are distributed.
- Protecting assets from care fees, creditors, or relationship breakdowns.
They are particularly useful if you want to ensure your wealth stays within your family or is used responsibly.
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Types of Trusts
There are several types of Trusts, each designed for different circumstances. Some of the most common include:
- Bare Trusts – assets are held in the name of the Trustee but belong outright to the beneficiary, often used for children until they reach 18.
- Discretionary Trusts – Trustees have flexibility to decide how and when to distribute funds, ideal for families with changing needs.
- Interest in Possession Trusts – allows one beneficiary (for example, a spouse) to benefit from income during their lifetime, with the capital passing to others later.
- Trusts for Vulnerable Beneficiaries – designed to protect those who are unable to manage their own finances due to disability or illness.
We’ll help you understand which structure best suits your situation and ensure it’s set up correctly.
Business Trusts – Protecting Your Company and Its Value
For business owners, your company is often one of your most valuable assets. A Business Trust can be used to protect shares, partnership interests, or company assets — ensuring your business continues to operate smoothly if you pass away or become unable to manage it.
Placing business interests into a Trust can:
- Safeguard ownership and control for future generations or partners.
- Provide continuity for the business in the event of your death or incapacity.
- Help with succession planning by clearly defining who will inherit or manage your business.
- Protect your family from the complexities of business ownership.
- Support tax efficiency, particularly where Business Relief may apply.
At L & K Financial, we’ll work with you to align your business protection, succession strategy, and estate planning, ensuring everything fits together seamlessly.
The Benefits of a Trust
Setting up a Trust can offer important financial and personal benefits, including:
- Peace of mind that your assets are protected.
- Flexibility to adapt to family or financial changes.
- Tax efficiency, helping to reduce the impact of inheritance tax.
- Confidentiality, as Trusts are generally not part of public record (unlike Wills).
At L & K Financial, we’ll guide you through every stage — explaining the options, implications, and responsibilities clearly, so you can make informed decisions with confidence.
Trust Planning Made Simple
Trusts can seem complex, but with the right advice they become a powerful way to secure your family’s financial future and business legacy.
We work closely with trusted legal professionals where necessary to ensure your Trust is legally sound, tax-efficient, and fully aligned with your wishes.
Our approach is personal, transparent, and always focused on your best interests.
Protect Your Legacy with Confidence
Take control of your estate and protect your loved ones — and your business — for generations to come. Speak to L & K Financial today for expert, friendly advice on Trust planning and asset protection.
Based in Nottingham, supporting clients locally and across the UK.
L & K Financial – Protecting your future, one step at a time.
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L&K Wills and Trusts is a sister company of L&K Financial Ltd, working together to help clients protect what matters most.
Our friendly and experienced team offers personalised wills, trusts, and estate planning services designed to give you confidence and peace of mind for the future.
Please note, we are not a firm of solicitors — our services are provided by qualified estate planners who are dedicated to offering clear, professional, and trustworthy guidance.
FAQ – Trusts
A Trust is a legal arrangement that allows you to transfer assets (such as property, savings, or business interests) to Trustees to manage on behalf of your chosen beneficiaries. It helps you control how your assets are used — either during your lifetime or after you pass away.
A Trust gives you control, protection, and flexibility over how your assets are managed and distributed. It can help:
- Provide for children or vulnerable relatives.
- Protect your wealth from risks such as divorce or debt.
- Reduce potential inheritance tax.
- Ensure business assets are passed on smoothly.
- Maintain privacy in your estate planning.
There are three key parties:
- The Settlor, who sets up the Trust and transfers assets into it.
- The Trustees, who manage the assets according to your instructions.
- The Beneficiaries, who receive the benefits of the Trust.
At L & K Financial, we’ll help you choose suitable Trustees and structure your Trust correctly.
Common types include:
- Bare Trusts – assets belong to the beneficiary outright once they turn 18.
- Discretionary Trusts – Trustees decide how and when to distribute funds.
- Interest in Possession Trusts – one person receives income for life, with capital passing to others later.
- Trusts for Vulnerable Beneficiaries – designed for those unable to manage money independently.
- Business Trusts – used to protect shares or company assets as part of business succession planning.
We’ll explain the pros and cons of each type and recommend what’s best for your goals.
Trusts can be a useful tool for inheritance tax (IHT) planning, as assets placed into certain types of Trusts may no longer count as part of your estate for IHT purposes. This can help reduce the overall tax bill your beneficiaries face.
We’ll work with you to explore options that balance tax efficiency with flexibility and control.
A Business Trust allows you to protect company shares, partnership interests, or other business assets. It ensures your business can continue to run smoothly if you pass away or are unable to manage it.
It can:
- Support your succession planning strategy.
- Provide continuity for employees and partners.
- Protect your family’s financial interests.
- Help with tax efficiency, particularly through Business Relief eligibility.
This is especially valuable for family businesses or owner-managed companies.
That depends on the type of Trust. Some can be amended or closed (known as “revocable” Trusts), while others are “irrevocable” and cannot easily be changed once created. We’ll explain these options clearly before you set up a Trust.
Trusts are legal arrangements, so professional support is important. We work closely with trusted legal partners to ensure your Trust is properly drafted and compliant with UK law, while we focus on the financial structure, tax considerations, and long-term planning.
You can choose family members, friends, or professional Trustees — or a combination of both. It’s important to select people you trust implicitly, as they’ll be responsible for managing your assets according to your wishes. We can help guide you on suitable choices.