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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“Rosie Nowak and her team were helpful, friendly, and professional throughout the process. They answered questions promptly and worked hard on my behalf to deal with all the issues that arose, as well as offering advice where appropriate. I am happy to recommend AMD for conveyancing services”.

 

10/05/2021
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“AMD have been brilliant helping us selling and buying our house. In particular, Laura was fantastic. She was incredibly helpful and responsive, always providing excellent and prompt responses via email or phone. This was the sixth time we have moved and AMD were the best solicitors we have ever used. We strongly recommend them”

 

07/07/2021
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“I have nothing but praise for Laura Wilkinson and Jo McGrath at AMD. We used AMD’s conveyancing services for the purchase of our first house (no chain). A stressful time for anyone, for us it ended up being really complex mostly because of our lender. Towards the end of the process, this became really stressful and caused us a lot of issues, and AMD a lot of work. I always felt that Jo and Laura were on my side though, and that they were pushing things forward. Whenever I asked for updates I would get a response the same or next day.

AMD’s pricing was a little higher than other quotes I got, but I am happy with my choice. Although Laura did have some annual leave over the course of our purchase, she made sure someone was covering for her in her absence.

I would recommend to anyone in the Bristol area for conveyancing, and wider areas where a local solicitor is not required, and will use AMD again in future”

04/11/2021
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Andrew Jack

Director, Solicitor and joint Head of the Private Client department

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Florence Pearce

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

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Anne Tamlyn

Probate and Trust Executive

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Rebecca Martin

Conveyancing and Probate Executive

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