Setting Up Trusts and Incorporating Trusts into Wills
Lavelle Partners specialist Trusts solicitors can advise in relation to the setting up of Trusts and incorporating Trusts into a will. Our estate planning, Wills and probate department have been helping individuals and families across Ireland for over 30 years to ensure their financial affairs are managed in accordance with their wishes and their loved ones protected.
What is a Trust in Ireland?
A trust is a legal arrangement whereby individuals (or a company), known as trustees, are responsible for assets and wealth designed to benefit others (beneficiaries). The person who sets up the trust is known as the settlor. Assets and capital held in the trust can be released at the desired time (such as the 21st birthday of the beneficiary) or used for a specific purpose (such as educating future generations). Trusts are an extremely useful mechanism for providing for children into the future and particularly where a child has special needs or a disability.
Our expert solicitors will ensure that in creating your Trust it meets all of the requirements for a valid trust by law.
Trusts are bespoke documents and are tailored to meet your particular circumstances. However, there are 3 main types of trust in Ireland.
- Simple trust – a simple or bare trust enables a trustee to hold title to assets on behalf of a beneficiary with an absolute right to those assets. Such trusts are often used to transfer assets to children who are not yet able to look after them themselves. In order to create a simple trust, a ‘Declaration of Trust’ must be drafted by a solicitor with experience of setting up trusts in Ireland. An example would be to hold an asset on trust for a child until they reach the age of eighteen
- Discretionary Trust – Discretionary trusts give trustees the discretion to decide how and to whom the trust’s income is distributed, for the benefit of the beneficiaries. Discretionary Trusts are most commonly used for minor children. The trustees can decide to appoint out assets at any stage to a particular beneficiary. The settlor can decide to end the trust at a point in time e.g when their oldest child reaches the age of 25.
- Fixed Interest Trust – Under a fixed interest trust, a trustee has no say on how assets are distributed. Any beneficiaries have a specific (fixed) interest in part of the income or capital of the trust.
When deciding which trust is appropriate for your needs, it is important to engage the services of a specialist trust fund solicitor who will listen to the details of your situation, family, and wishes, and advise you of your options accordingly.
As part of our trusts legal service offering, we can assist with ensuring your trust arrangements are correctly included within your Will, to reflect the estate planning arrangements agreed with your family and loved ones.
Why choose Lavelle Partners to assist you with family trust matters?
- We are a partner-led firm, meaning the partner you meet will manage your case and be available to you if you have any questions.
- Our solicitors are approachable, intelligent, and pragmatic.
- Our clients remain with us long-term and most of our new clients come to us via referrals. In addition, most team members have been with the firm for 15-30 years. We know our clients, their families, and their businesses inside out and this helps us provide exceptional service and gives people confidence in the quality of the advice and representation they receive.
- Our advice is to the point; we will not ask you to choose between five different options, we will advise which one will protect and further your best interests.
- When it comes to trust and inheritance matters, we always are sensitive and compassionate in our dealings.
- Nicola Walsh, our Head of Property, holds a Diploma in Trust and Estate Planning (Law Society and STEP) 2004 and Jennifer Morrow has completed the STEP course this year
For further information regarding the setting up of trusts and incorporating trusts into Wills in Ireland, please contact Lavelle Partners in confidence on (01) 644 5800.