Trusts arise in all sorts of circumstances, either created in a person’s lifetime or more commonly arising when someone dies (either under their Will or under the rules of intestacy). A trust places the control of assets in the hands of the trustees who hold those assets under the terms of the trust for the beneficiaries (who may or may not be specifically named). There are many reasons a trust arises. These include beneficiaries who are children and as such are unable to inherit until they reach adulthood (or sometimes a later age, for example 21 or 25), they may be vulnerable or disabled people. A trust may be used because there is a wish to provide for a spouse or partner for their lifetime but ultimately ensure that the capital assets pass on down to children. Alternatively a Trust may be used as a form of tax planning.

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.

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.

At AMD Solicitors we can offer advice in respect of all aspects of trust work to 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.

All our advice is tailored to the individual, as we believe that one size does not fit all.

What our Clients say

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“I recently let a new commercial premises by way of lease reassignment. The transaction turned out to be more complicated than I would have hoped. Nick Middleton was diligent throughout, the team kept me updated and any queries were quickly answered.

My final bill was less than I expected, I cannot fault the service received. Well done all at AMD, I’m very happy to recommend”.

 

28/12/2023
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“Used AMD for conveyancing services three times and always given excellent advice and being timely and accurate”.

08/09/2023
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“Dear Grant,

I wanted to take this time to express my gratitude towards yourself and Jack for the fantastic work you have produced on a shareholder’s agreement for our company, Howha PMI Limited.

We knew we needed a shareholder’s agreement, however, whilst we are experts in the Private Medical Insurance (PMI) field, I would say we are rather uneducated when it comes to shareholders’ agreements. Therefore, we wanted professional advice from someone who would explain the agreement, and process in plain English. Something I’m pleased to say both you and Jack achieved.

During the process we had to change the goal posts and AMD took this in their stride. We believe any company who have multiple directors should have a shareholder’s agreement in place and any company looking for one, should be contacting AMD Solicitors to set it up.

Thank you once again for your time and expertise.”

HowhaPMI Limited, July 2023

14/07/2023
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Florence Pearce

Director, Solicitor (TEP) and Head of the Private Client department

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Anne Tamlyn

Senior Probate and Trust Executive

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Sarah Burgess

Associate, Head of Shirehampton Office and Deputy Head of Private Client Shirehampton

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Kate Walsgrove

Associate and Deputy Head of Private Client Henleaze

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Simone Chamberlain

Senior Probate and Trust Executive

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