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
We received an excellent and efficient service from start to finish. We couldn’t fault the highly professional support and always felt we knew exactly what was going on, and what we needed to do next. Couldn’t be faulted.20/02/2019
From sale agreement to completion in one month for our commercial property, really good smooth personal service. I highly recommend.22/05/2019
From IP and T&Cs to commercial property issues, Grant McCall and his commercial team have provided invaluable support and advice for our businesses. We also instructed Grant when we sold part of our business back in 2013. The multinational buyer meant this was a real David and Goliath situation for us and, with Grant on our side, we achieved a significantly higher payment than what we were seeking before his instruction. I have no hesitation in recommending AMD’s commercial team and we continue to use them to protect, plan and grow our businesses.15/01/2019
TALK TO OUR SOLICITORS
GET IN TOUCH