Register your trust, inexpensively
Setting up a trust is a reliable way to protect your assets, provide for dependents or charity, and protect your funds from attracting higher tax.
You answer a few simple questions
Lawyers reviews and confirms details
Lawyer puts together documents and instructions
You get your documents (within 48hrs)
Why set up a DIY trust?
As an investment vehicle, a trust has many benefits:
- Protect assets: Creditors of trustees cannot claim against your safe trust
- Benefits for dependents: A trust enables you to ensure that dependents such as children receive a specified sum upon reaching a specified age
- Ensure continuity: A well-established trust can last over generations, providing an ongoing source of funds
- Disburse charity: You may use a trust to disburse an asset for charitable purposes
- Reduce tax: Establishing a trust will reduce inheritance tax if the correct trust is established
- Divide assets: Assets that are difficult to divide may be split easily using a living trust
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What kind of trusts are there?
DIY Legal offers help registering two types of trust:
- Testamentary trusts: These trusts typically protect the financial wellbeing of minors and individuals incapable of looking after their own financial affairs. A will usually directs when a testamentary trust will be terminated or paid out, either after a certain time period or dependent on a specified future event.
- Living trusts: These trusts are created by living parties in agreement and are often used to establish a multi-generational trust that will keep yielding growth and funds. The founder of a living trust establishes an agreement between themselves and the trustees who administer the trust. There are five types of living trust: Family Trusts, Guardian’s Trusts, Umbrella Trusts, Charitable Trusts and Special Trusts
What we stand for
An online trust is the cheapest and quickest way to register your trust.
No need for a long consultation process
Straightforward process without the need for lawyers
Decent prices with no hidden costs
Clear guidance on how the process works
How does trust taxation work?
Trusts are taxed at 40% for income tax and are also subject to capital gains tax. Your trust’s beneficiaries may be given income through the trust according to the ‘conduit principle’. This means that tax on the trust is only paid at the beneficiary’s individual marginal tax rate.
A further benefit of trusts for taxation is there is no estate duty payable by a trust on assets transferred to it upon the death of the trust holder.
Frequently Asked Questions
Is a trust an independent legal entity?
It is only where paying tax is concerned. Otherwise the trust is represented by legal trustees.
Must your trust be registered for income tax?
Yes, all trusts are required to register for income tax.