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
We offer a range of trust administration services to assist trustees.
- “Pay as you Go” advice to trustees through to full management services.
- Drafting documentation such Resolutions & Deeds of Appointment for new Trustees.
- preparation of trust accounts.
- Winding up a trust.
- Working with accountants for trust tax returns.
- Working with Financial Advisers for Trustee investment strategies.
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.