Trust creation and drafting
We advise on the right type of Trust for your unique circumstances (whether a Lifetime Trust or a Will Trust) and draft the essential legal document (The Trust Deed) to establish clear rules for the management of the assets and the duties of the Trustees.
Trust administration and management
Trusts require ongoing professional administration. We advise Trustees on fulfilling their strict legal duties, dealing with statutory reviews, and ensuring compliance with the terms of the Trust Deed and trust law.
Trust taxation and reporting
Trusts are subject to complex taxation rules. We provide expert advice on the implications for Income Tax, Capital Gains Tax (CGT), and Inheritance Tax (IHT). We also handle the mandatory registration of the Trust with the HMRC Trust Registration Service (TRS).
Bare Trusts
A Bare Trust may also be called a Simple Trust. In a Bare Trust your nominated beneficiaries are entitled to the Trust Fund managed by the Trustees. If the beneficiary is a minor, your Trustees can hold onto the assets until the minor is over 18 years. Once the trust has been set up, the beneficiaries cannot be changed.
Discretionary Trusts
Your trustees will have complete discretion to decide how the assets in your trust are distributed, hence the term Discretionary Trust. Discretionary Trusts may be worth considering if you want to protect a beneficiary in the future, such as a child, grandchild, or vulnerable person and require flexibility.
Interest in Possession Trusts
An Interest in Possession Trust may be of interest if you wish to ensure a loved one is taken care of, perhaps after your death. Your chosen beneficiary has the right ‘to enjoy’ the trust fund which might mean they get to occupy a property or receive the income from an investment. Once such right ‘to enjoy’ comes to an end (perhaps following death) the Trust assets will then pass to persons chosen by you. An Interest in Possession Trust is often for individuals who have remarried and wish to take care of their new spouse, with their children from the first marriage eventually inheriting their estate.
Advising Trustees on duties and changes
We provide clear guidance to Trustees on their legal obligations, powers, and potential personal liabilities. We also manage legal changes, such as the retirement and appointment of new Trustees using a Deed of Retirement and Appointment.
How to plan your estate, protect your family and secure your assets in six steps.
