Trust and Trust Administration
A Trust is a fund which contains assets which are controlled by you and/or a nominated third party (‘the Trustees’). The Trustees hold the assets for the benefit of beneficiaries.
Trusts are governed by complex legal regulations and separate Tax rules. Trusts can also be a useful tool in cross generational tax planning. Trusts can provide the flexibility to take into account the specific personal circumstances of your beneficiaries, in particular if they are minors, disabled, dependent on welfare benefits or having financial or marital difficulties.
A Trust may be set up at any time during the lifetime of an individual by way of Settlement or under a Will.
We deal with the creation of Trusts, including discretionary trusts, nil rate band discretionary trusts, life interest trusts, right of residence trusts, declarations of trust over property, trusts for minors, bare trusts, trusts for death benefits and personal injury trusts.
We are able to advise fully in relation to the Inheritance Tax, Capital Gains Tax, Income Tax and Stamp Duty Land Tax implications of setting up the Trust and the ongoing Tax implications of running and managing the Trust.
We are able to advise Trustees on the management of the Trust, to ensure that the Trustees are fulfilling their duties and obligations and working within their powers as Trustees. We can assist with Trust administration and Trust accounting. By working with trusted accountants and independent financial advisors we can ensure that you are fully advised and the Trust assets are properly managed, invested and reviewed. We can help prepare Trustee minutes and Deeds appointing out capital or income and retiring and appointing Trustees. If the Trust is no longer needed we can advise on the winding up of the Trust.
We also have experience in dealing with Trust disputes, for example where Trustees have acted in breach of trust and an application is made to remove them or funds have been misappropriated and an application is made to restore the trust fund. We can also assist Trustees in responding to disputes.