Trusts & Administration

Creating a trust can bring many financial benefits. These include avoiding inheritance tax, protecting your family’s assets against care fees, and making sure you’re looked after if you’re a beneficiary.

Trusts themselves can be relatively simple and yet the legal and tax issues on both creation and subsequent operation of a trust can be complicated with heavy financial penalties if done incorrectly which is why taking specialist advice is essential.

At Clark Willis, our specialist solicitors have a wealth of experience in creating and assisting in the ongoing administration of trusts and offer a number of services to assist with trusts including:

  • Drafting trusts.
  • Advice about trust operation
  • Acting as trustee
  • Registering a trust with HMRC

 

Trust Administration

Trust law, and the reporting requirements that go with it, are complex and trustees are often unaware of, or struggle to manage, all of their duties. This means that trustees could face financial claims from beneficiaries or penalties from HMRC.

We can help trustees with:

  • Advice
  • Drafting documentation such Resolutions & Deeds of Appointment for new Trustees.
  • Winding up a trust.
  • Preparation of trust accounts.
  • Working with accountants for trust tax returns.
  • Working with Financial Advisers for Trustee Investment strategies.

We can support Trustees with “Pay as you Go” advice to through to full, annual management services.

 

 

Frequently Asked Questions

Main Duties of Trustees

The trustees are the legal owners of the assets held in a trust. Their role is to: • deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will • manage the trust on a day-to-day basis and pay any tax due • decide how to invest or use the trust’s assets • Ensure all tax is reported and paid to HMRC. • Keep detailed records such as annual trust accounts.

Request A Call

Alex Spurr

Partner, Solicitor

Wills, Probate, LPAs, Tax & Estate Planning, Trusts