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

 

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.

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Alex Spurr

Partner, Solicitor

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