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

Star Star Star Star Star

“Have been a very happy customer of AMD for many years now. Laura Wilkinson has completed many property transactions for us in that time – both simple and some very complicated. All done with speed, precision and good humour. Someone to have on your side at any time”.

08/08/2022
see on google
Star Star Star Star Star

“Nick Howell was incredibly professional and empathetic from start to finish! I would highly recommend this law firm. Excellent service and peace of mind. Explained issues in an understandable manner and always kept me updated”

08/08/2022
see on google
Star Star Star Star Star

“Laura Wilkinson and Jo Mcgrath were absolutely everything you look for when choosing solicitors – reliable, thorough, trustworthy, and efficient. On top of this, Laura and Jo were just really lovely to deal with too! They both did a fantastic job at making the process as least stressful as possible, which is no mean feat. I really couldn’t recommend Laura, Jo and the AMD team more to anyone. Thank you again for your help!”

01/06/2022
see on google
READ ALL TESTIMONIALS

TALK TO OUR SOLICITORS

Andrew Jack

Director, Solicitor and joint Head of the Private Client department

See details

Florence Pearce

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

See details

Anne Tamlyn

Probate and Trust Executive

See details

Rebecca Martin

Conveyancing and Probate Executive

See details

GET IN TOUCH

Telephone icon Request a call back