A Trust is a legal arrangement whereby one party holds money and property for the benefit of another. The setting up of a Trust within a Will or during your lifetime can assist with:

  • assets passing into the estate of a beneficiary and adding to their Inheritance Tax liability
  • money being frittered away by those who cannot control money well
  • money being taken into consideration in a divorce
  • money being taken into account in respect of means tested benefits
  • money being protected for minors until they reach an appropriate age
  • money being taken into account for care home fees

There are a number of different types of trust all of which have their own advantages and disadvantages in terms of how they work and the tax implications. Because of this it is important that we meet with you to discuss your specific needs.

Once a Trust has been set up, in order to be successful, it has to be managed and we are able to provide the necessary support to enable this to happen. We can advise on:

  • Trustees duties and powers and the requirements of the Trustee Act 2000
  • Putting you in contact with an IFA who we know can advise on Trust Investments
  • Advice on Tax affairs and completion of tax returns for the trust
  • Assisting with the preparation of trust accounts
  • Arranging meetings of the Trustees on a yearly basis and the completion of minutes of these meetings in order to comply with the Trustee Act 2000
  • Dealing with the distribution of income and capital together with the required Deeds of Assignment/Appointment
  • Dealing with the retirement of Trustees and the appointment of new Trustees.

Please contact a member of our Private Client Team who will be happy to advise you in more detail on these matters in accordance with your own individual needs.

 

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