Trusts, Trust Fund Law & Trustee Services

Trusts can arise in all sorts of circumstances, either created during a person’s lifetime or more commonly, arise following a death through a Will or under the rules of intestacy. Understanding how trusts work and your responsibilities within them is important to protecting assets and ensuring the wishes of the trust are fulfilled.

A trust places the control of assets in the hands of trustees, who hold those assets under the terms of the trust for the beneficiaries. Beneficiaries may or may not be specifically named.

Why are Trusts created?

There are many reasons why a trust may be created, including:

• Providing for child or children who are not yet old enough to inherit (often until age 18, 21, or 25)
• Protecting the interests of vulnerable or disabled beneficiaries
• Ensuring a spouse or partner is supported during their lifetime while preserving capital for children
• Effective inheritance tax and estate planning

Trustee duties and responsibilities

If you are appointed as a trustee then you have a duty to administer the trust properly. If you are taking up a trusteeship it is a good idea to take legal advice as to what your duties and responsibilities are before taking on the role. Formal documents are required at various times, for example when a new trustee is appointed and when a trustee retires.

Trust administration and Tax advice

There are different types of trust and it is important to be aware that many of these are treated as a separate body for tax purposes. It is therefore always sensible to take advice as to the tax treatment of a trust to ensure all Revenue obligations (in relation to income tax, capital gains tax and inheritance tax) are met and taxes paid. It is also advisable to seek advice before taking steps to dispose of, or distribute, assets. In this way the trustees can ensure that their actions are carried out in the most tax efficient manner.

How we can help you

At AMD Solicitors, we provide clear, practical, and tailored advice on all aspects of trust law. Our services include:

• Advising you as to the creation of a trust suited to your circumstances either in your lifetime or under the terms of your Will
• Guiding and advising you as a trustee as to the administration of a particular trust and your duties and obligations, to include, if required a trust administration service
• Advise you as a beneficiary as to your rights with regards a particular trust
• Registering a Trust

We understand that every situation is unique. That’s why all our advice is tailored to meet your specific needs.

If you are thinking about setting up a trust or are trustee and would like advice and guidance from a member of our dedicated Trust team contact AMD Solicitors on 0117 962 1205 or email info@amdsolicitors.com.