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 used Anna at AMD to undertake a couple of trademark searches and registrations for us, and the service was faultless from beginning to end. Really helpful advice, clear explanations, good communication throughout, and a successful outcome. Highly recommended!13/02/2019
Hollis Morgan has an excellent working relationship with AMD in both their probate and conveyancing teams and regularly refer them to our clients. Without fail we have had excellent feedback with clients especially commentating on the individual care and attention they have received and the prompt return of phone calls.18/12/2018
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
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