Private Client | Trusts
What is a Trust?A trust is an arrangement where assets are held by one or more persons (the trustees) for the benefit of another (the beneficiary). This can be set up during a person’s lifetime or it can be created in a person’s will to take effect after their death.
Why a Trust?A trust can be used to:
- Provide for children or grandchildren who are too young to look after money themselves.
- Provide for someone with a disability.
- Provide a safeguard where there are second families, so if you die your assets do not bypass your own children.
- Preserve assets for future generations.
Setting up a Trust
- Preparing the paperwork to set up a new trust
- Advising on the tax and practical implications
- Sending the necessary tax information to HMRC
- Advising on appointment of trustees
- Advising on duties and responsibilities
- Preparing annual trust accounts and tax returns
- Advice on when to give income and assets to beneficiaries
As a Trustee
- Managing the trust’s money and property
- Making payments of income and assets to the beneficiaries
- Keeping beneficiaries informed
- Ensuring tax paid is correct and settled on time
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