Expert advice on how to set up a trust
A trust is any arrangement by which someone, called a ‘trustee’, holds assets on behalf of another, called a ‘beneficiary’. You might think that trusts are only for those that live in stately homes, but think again. You might want to save tax. In your Will you may want to leave assets to children that are not yet old enough to manage their own affairs. You might want to purchase a buy-to-let property jointly with a friend. Or you might want to pass some of the value in your business on to your children, but still retain control. Trusts can help in these situations.
Our experienced team, led by Wayne Perrin, can help you decide whether you need a trust, advise what is involved in setting one up, how to deal with HM Revenue & Customs and most importantly advise on the costs of setting up a trust and running it in the long term. Trusts can be relatively simple, but they must always be well drafted, and clear.
Some clients ask our specialists to administer their trusts on a day to day basis, dealing with record keeping, accounts and tax returns and requests for distributions to beneficiaries.
Our specialists can also advise Trustees on their responsibilities as trusts go along, making sure that they receive the help and advice needed to continue to do things properly and provide support through turbulent and calm times by just being there to help when needed, as well as stepping in and taking the initiative if that is what the Trustees want.