Trusts & trustees

What is a trust?

A trust is a legal arrangement that places property or assets (possessions) under the control of appointed Trustees. These are most common if a beneficiary is under 18 (16 in Scotland) when they inherit something in a Will.

It is up to the trustees to then administer the property or assets to the benefit of those named as beneficiaries of the trust Will.

A trust can be a great way of managing and protecting your assets during your lifetime and beyond. It can also reduce the amount of inheritance tax payable on your death.

Trusts are separate legal entities. They are taxed independently for income tax, capital gains tax and inheritance tax purposes. This makes them an effective means of separating your estate to avoid tax generally.

For trustees

We can provide the following:

• Advice on duties and responsibilities

• Preparing annual trust accounts and tax returns

• Investment advice, support and management

• Advice on running a trust tax efficiently

• Advice on when to give income and property to beneficiaries

As a trustee

We can provide the following:

• We can act as a trustee of your trust

• Managing the trust’s money and property

• Giving the right income and property to the beneficiaries of the trust at the right time

• Keeping beneficiaries informed

• Ensuring tax paid is correct and settled on time