Trusts Solicitors
Structure, protect and manage wealth with specialist advice from trusts solicitors
Using trusts to protect and pass on wealth.
For many families, wealth is not just financial. It represents years of work, responsibility and long-term planning.
Trusts can provide a structured way to protect assets and provide for loved ones. They manage how wealth is passed from one generation to the next and give you more flexibility, control and, in certain circumstances, tax efficiency.
When carefully designed, a trust can safeguard business interests, agricultural land, property or investment portfolios, while allowing trustees to respond to changing family circumstances.
The key is ensuring the structure reflects both your financial objectives and your family’s future needs
When might a trust be appropriate?
Trusts are often used where clear rules, asset protection, flexible control are important. They are not only for very large estates. They are about intentional planning for complex family situations.
Trusts help you to:
- Provide for children, grandchildren and vulnerable beneficiaries while retaining oversight.
- Protect assets for future generations.
- Reduce inheritance tax exposure.
- Support vulnerable or financially inexperienced beneficiaries.
- Balance fairness in blended families.
- Protect commercial or agricultural ventures.
- Separate ownership from day-to-day control.
In many cases, a discretionary trust is used to give trustees flexibility over how and when beneficiaries benefit, particularly where long-term protection or family complexity is involved.
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Trusts within high value and family estates.
In larger or more complex estates, trusts often sit alongside business interests, investment portfolios, agricultural land or international assets.
In these situations, the interaction between the law and trusts is critical. Careful structuring can help preserve business relief or agricultural property relief and support long-term succession planning.
Trust planning should always align with your will, shareholder agreements, partnership documentation and wider estate strategy. A joined-up approach reduces risk and avoids unintended consequences.
Lifetime trusts and trusts created by wills.
Trusts can be established during your lifetime or created within your will.
A lifetime trust may allow you to gradually transfer value to beneficiaries, manage succession planning or safeguard certain assets while retaining appropriate control.
A trust created by will takes effect on death and can provide flexibility for a surviving spouse, protect capital for children or manage how assets are distributed over time.
The right structure depends on your objectives, family circumstances and tax position.
Responsibilities of trustees.
Being a trustee carries serious legal responsibilities.
Trustees must act in the best interests of beneficiaries, manage investments responsibly, comply with reporting requirements and avoid conflicts of interest. Where trustees are family members, the role can feel complex and sometimes burdensome, particularly when they are unfamiliar with the full scope of trustee responsibilities under English law.
Clear advice at the outset, and ongoing support where needed, helps trustees fulfil their duties confidently and reduces the risk of misunderstanding or dispute.
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Why clients choose Thomas Mansfield Solicitors.
Our private client team advises families, entrepreneurs, professionals and farming clients across London and the South East.
Clients value that we:
- Simplify the set up of new complex trust structures.
- Review trusts for tax exposure
- Protect high value estates and business assets.
- Manage sensitive family dynamics.
- Bring together experts like accountants and wealth managers.
- Build long-term relationships with clients and advisers.
Meet our team
Discuss your trust planning with us.
Whether you are establishing a trust, reviewing an existing structure or taking on the responsibilities of trustee, we offer confidential advice tailored to your circumstances.
We take time to understand your wider estate, family dynamics and long-term objectives before recommending the most appropriate approach.
If you would like to explore your options, please contact our private client team to arrange a discreet initial discussion.
Frequently asked questions
Are trusts only for wealthy families?
Not necessarily. Trusts aren't just for wealthy estates — they help with structure and protection when you have young children, blended families, business interests, or worries about future wealth management. Whether a trust is right for you depends on your goals and family dynamics, not just estate size.
Can a trust be changed after it is created?
Sometimes yes: some trusts include powers that let trustees adapt the structure, but such changes can trigger tax consequences and often require professional advice. Before changing a trust, get expert advice to protect the trust's aims.
Can I retain some control over assets in a trust?
Certain trust structures let you do this – by naming trustees and giving clear instructions on how decisions should be made. Maintaining excessive control or benefits can trigger adverse tax consequences for the trust. The balance between flexibility and tax efficiency must be considered carefully to ensure the arrangement works as intended.
What is the difference between a lifetime trust and a trust in a will?
A lifetime trust is created and funded during your lifetime. A testamentary trust (a trust in a will) takes effect only on death. Each option has different tax, administrative and practical consequences. The appropriate structure depends on your objectives, financial position and family circumstances.
What tax reporting obligations apply to trusts?
Trustees must meet income tax and capital gains tax obligations and pay inheritance tax where applicable; most trusts must register with HMRC’s Trust Registration Service. Understanding these obligations from the outset helps avoid penalties and ensures the trust operates smoothly.
Contact us
Getting in touch couldn’t be easier. Use our form or call us to speak to an experienced solicitor in confidence.
Please note we cannot offer legal aid.