Trusts
A trust is created when someone is entrusted to hold property on behalf of another, either in that person's lifetime or on their death. We are experienced trust lawyers and deal with all aspects of trust creation and administration.
Creation of a trust
There are several reasons why making a Trust during your lifetime may be advisable, In some circumstances it may be a useful tool to save tax.
A Trust may also be used to receive funds from a personal injury claim if you have suffered an accident and are receiving benefits, this may be an advantage rather than receiving the compensation directly into your own account.
Family circumstances may make a Trust a safer way of looking after and protecting the families finances, particularly if a family member is vulnerable or unable to look after their own finances.
It is also possible to set up a charitable trust for either fund raising services, or with a sum of money which can then be used to make donations for charitable purposes.
Administration of a trust
The administration of Lifetime and Will Trusts can be time consuming and onerous if not dealt with by a professional trained in these areas.
We are experienced and efficient at dealing with the administration of Trusts, which includes preparing the end of year Trust Accounts, Tax Returns and Beneficiaries Income Tax Certificates.
Our full service also includes liaising with Investment Advisers and the Trustees in order to ensure a full review of the Trust's investments are carried out regularly. Our team includes members of the Society of Trust and Estate Practitioners which ensures that they are up to date in this area of the law.
Our Trust Administration service can be tailored to suit the needs of the Trustees and can range from simple production of the annual Trust accounts to the full service mentioned above. In today's climate of strict Trustees' duties and obligations, and even in some circumstances criminal sanctions for non compliance with these duties, then it makes sense to employ professionals.
For further information contact the Wills & Probate Department direct on 024 7649 3111.
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