In this episode of Listen Without Prejudice, Nicholas Barlow, Head of the Private Client Team at Bishop & Sewell, sits down with Ben Williamson, Senior Associate, to unravel the complexities of family trusts.

Together, they explore how trusts can be a powerful tool for safeguarding family wealth, protecting vulnerable beneficiaries, and achieving long-term estate planning goals. From second homes in Devon to blocks of shares laden with gains, they discuss practical examples of when trusts make sense — and just as importantly, when they might not.

Ben and Nicholas demystify how trusts operate in the UK, including the realities of inheritance tax, capital gains tax, and the much-discussed “seven-year rule.” They also explain why a carefully drafted settlement deed is just the start and how private letters of wishes can capture the true intent behind the trust — guiding trustees for generations to come.

If you’re considering how best to preserve assets for future generations, mitigate hefty tax hits, or simply want to understand how trusts differ from more straightforward gifting, this episode provides clear, expert insight.

Chapter Markers:

(02:13) Trusts as a tool for asset protection (young & vulnerable beneficiaries)

(05:10) Reserving a benefit: when trusts work (or don’t) for tax

(07:02) The “seven-year rule” and nil-rate band implications

(10:08) Capital gains tax: holdover relief and long-term planning

(13:36) Updating land registry titles and changing trustees

(14:48) Letters of wishes: the private document that guides trustees

(16:14) How to wind up a trust and tax on 10-year anniversaries

(18:14) Summary: why trusts might be right for families with significant assets

Useful Links:

Connect with Nicholas Barlow on LinkedIn

Reach out to Ben Williamson on LinkedIn

Visit the Bishop & Sewell Website