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Creating a Trust

Trusts are powerful tools for managing, protecting, and passing on wealth. Whether you want to support family members, manage business assets, or plan for the future in a tax-efficient way, setting up a Trust can give you greater control and peace of mind.

At Wright Hassall, we work with high-net-worth individuals, families, and business owners to create tailored Trust structures that meet both personal and financial goals. Our private client specialists provide clear, strategic advice and ensure your Trust is set up correctly from the outset.

"Excellent team, highly knowledgeable and prompt service."

Further information

What is a Trust? >

Why set up a Trust? >

Types of Trusts >

How to create a Trust >

Why use a solicitor and why Wright Hassall? >

FAQs >

What is a Trust?

A Trust is a legal arrangement where assets are transferred by one person (the settlor) to another (the trustee) to manage for the benefit of someone else (the beneficiary). Trusts can hold a wide range of assets, including property, investments, cash, and even business interests.

Settlor: the person who creates the Trust and provides the assets.
Trustee: the individual(s) or organisation responsible for managing the Trust and making decisions in line with the Trust deed.
Beneficiary: the person or people who benefit from the Trust, either through income, capital, or both.

Trusts are governed by a legal document known as a Trust deed, which sets out the terms and the roles of each party involved.

Speak to a Trust specialist today

If you’re thinking about setting up a Trust, we’re here to help you make the right decisions with clarity and confidence. Our experienced team will work with you to create a structure that protects your wealth and supports the people and causes that matter most.

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Additional information

Question

Why set up a Trust?

Trusts offer a wide range of benefits, especially when it comes to protecting wealth and planning for future generations.

Common reasons for setting up a Trust include:

Preserving family wealth over the long term
Providing for children or vulnerable family members
Safeguarding assets in the event of divorce or bankruptcy
Minimising Inheritance Tax liabilities
Managing business or investment interests within a protective structure
Controlling how and when assets are passed on

A well-structured Trust can provide flexibility, tax efficiency, and long-term protection but it’s essential to set it up correctly with professional advice.

Types of Trusts

There are different types of Trusts available depending on your goals and circumstances.

We’ll help you choose the most appropriate Trust for your needs and ensure it is drafted in a way that reflects your intentions clearly.

Some of the most common include:

Discretionary Trusts

Trustees have the flexibility to decide how income and capital are distributed among beneficiaries.

Life Interest Trusts

One person benefits during their lifetime (often through income or living in a property), with the remaining assets being passed down to others after their death.

Vulnerable Person’s Trusts

Designed to support beneficiaries with disabilities or long-term care needs.

Bare Trusts

The beneficiary has an immediate and absolute right to the assets.

Charitable Trusts

Set up to benefit a charitable cause or organisation.

Trusts for business assets

Used to hold shares or property in a business as part of a succession or tax planning strategy.

How to create a Trust

Setting up a Trust involves several key steps:

Clarify your objectives: What do you want the Trust to achieve?
Choose your trustees and beneficiaries: These decisions are critical to the long-term success of the Trust.
Decide what assets to include: Property, cash, investments, or business interests.
Draft the Trust deed: This legal document outlines how the Trust should operate.
Transfer the assets into the Trust: This is known as ‘settling’ the Trust.
Register the Trust: In many cases, Trusts must be registered with HMRC under the Trust Registration Service (TRS).

We handle all legal aspects of Trust creation and can advise you on tax implications, trustee responsibilities, and regulatory requirements.

Why use a solicitor and why Wright Hassall?

Trusts can be technically and legally complex, especially where high-value assets or long-term family planning are involved. Mistakes in how a Trust is drafted or managed can have significant consequences, both financially and personally.

At Wright Hassall, our experienced private client lawyers provide:

Tailored advice based on your personal and financial circumstances
Expert drafting to ensure clarity, compliance, and enforceability
Integrated support with tax, Trusts, and estate planning
Guidance on trustee duties and administration
Discretion and sensitivity when working with family structures

Our clients include business owners, entrepreneurs, landowners, and families looking to protect and pass on wealth securely. We are here to help you plan ahead with confidence.

FAQs

What can you put in a Trust?

You can place a wide range of assets in a Trust, including property, cash, investments, shares, insurance policies, and even business assets.
How much does a Trust cost to set up?

The cost will depend on the type and complexity of the Trust, as well as the advice required. We’ll provide a clear estimate once we understand your goals.
Who can be a trustee?

Anyone over 18 who has the mental capacity to act can be a trustee. You can choose individuals you trust (such as family or friends) or appoint professional trustees, including solicitors.
Who can benefit from a Trust?

Beneficiaries can include family members, friends, charities, or other individuals you wish to support either immediately or in the future.
What happens to a Trust when someone dies?

It depends on the type of Trust. Some Trusts end on the settlor’s death, while others continue for the benefit of future beneficiaries. We can advise on the implications in your specific case.
Do I have to register the Trust with HMRC?

Many Trusts must be registered under the Trust Registration Service (TRS), even if there is no tax to pay. We’ll advise you on your registration and compliance duties.
Can I change the terms of a Trust later?

Some Trusts can be varied if they include powers to do so. Others may require court approval. We can review your options if your circumstances change.