Trusts

Working with you

We advise on the use of trusts, their creation, taxation and administration.

There are many reasons for using trusts. They are an important tool in estate and tax planning. Trusts are not always driven by tax issues and can be an ideal structure for asset protection generally. They may be included in a Will, or created during your lifetime and can be situated in the UK or suitable offshore jurisdictions.

For example, a trust can be used in making wills for those who are in a second marriage, where both parties want to preserve assets for their own children whilst at the same time providing for their spouse. Or, you might use a trust in a Will to ‘skip’ a generation and provide for your children’s children but in a way which protects the assets for them.

If you have business assets or agricultural property, trusts can be a way of retaining the reliefs available from inheritance tax.

Types of trust include those with life interests, discretionary trusts and specialist trusts for example for disabled persons or children.

We can advise you on the suitability of a trust for your circumstances and the tax implications of setting it up. Once you have established the trust, we can deal with the administration and filing of tax returns and accounts as necessary and can advise you throughout as trustees.

Trusts can be complex and our aim is to ensure that you archive your objectives in the most simple and cost effective manner.

Specialist Advice

We have a wealth of experience in:

  • advising on the suitability of trusts for estate planning
  • advising on the use of trusts in legitimate inheritance tax and capital gains tax planning
  • disabled persons’ trusts
  • personal injury trusts
  • drafting trust deeds
  • administering established trusts
  • managing the trust assets
  • advising trustees on their duties and responsibilities
  • liaising with beneficiaries regarding their entitlements
  • preparing annual tax returns and accounts

 

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