Trust Management
Guiding you through all aspects of trust management
Setting up a trust is one way to manage wealth for you, your family members or anyone else you would like to benefit from it.
Our specialist team of trust managers have considerable expertise when it comes to advising on the setting up of a trust and because we understand that every situation is unique, we will work closely with you to understand your aims.
Request legal advice on trust management
What is a trust?
These legal arrangements enable you to protect your assets (including land, buildings, money and investments) and manage them efficiently for the benefit of your chosen beneficiaries.
They can be set up if you have received money from an estate or if you want to ensure your existing finances or assets are protected for future generations.
Trusts may be used for many different reasons. These include:
- Enabling you to say how assets in trust are distributed after your death.
- Mitigating tax and in particular, inheritance tax, when used as part of a wider review of your personal affairs.
- Protecting assets for young beneficiaries who either lack the experience or maturity to manage large sums of money, or if you are concerned about them becoming involved in divorce proceedings or becoming bankrupt.
- Providing income for vulnerable or disabled beneficiaries.
Our expert team of specialists can advise on the best approach to protecting your assets.
Creating a Trust
The main types of trust are:
- discretionary trusts
- interest in possession trusts
- bare trusts
- accumulation and maintenance trusts
There are numerous types of trusts and because each is managed and taxed differently there are advantages and disadvantages to each type. It is important we understand your aims and circumstances so we can advise which is the best option for you.
Trust administration
It can be time-consuming and stressful to administer a trust, so our friendly, expert team of solicitors will support you so you can carry out your duties as trustee lawfully and correctly.
The reporting and compliance requirements around trusts are complicated, to include complying with the Trust Registration Service. Failure to administer your duties in the proper manner could mean you face a claim from beneficiaries or a penalty from HMRC.
As specialists in this field, our solicitors can provide a range of services to protect your trust. These include:
- Managing the administration of the trust.
- Advising on legal compliance.
- Acting as a professional trustee. We have our own trust company which can be appointed as trustee.
- Advising you on your responsibilities and legal powers as a trustee.
Discretionary trusts
With a discretionary trust, the trustees have the power to make decisions around how best to use the trust income and/or capital. This type of trust can prevent assets being frittered away.
They tend to be quite flexible and there are options to protect assets if circumstances change.
Discretionary trusts can be tax efficient and are sometimes used to support beneficiaries who are unable to manage funds, such as children or individuals with illnesses or disabilities etc.
Registering a trust
There is a requirement to comply with the Trust Registration Service. This enables the relevant authorities to keep a record of all trusts in the UK.
Since October 2020, all trusts – whether or not they have a UK tax liability – have to be registered. If a non-UK trust has at least one trustee who is a UK resident and if the trustees use UK-based businesses, such as lawyers, accountants and investment managers, or acquire an interest in land in the UK, that also must be registered.
Our friendly specialists understand the complexities of registration and will guide you through the process so ensure that you cover all of your responsibilities.
Managing a trust
Many trustees use a solicitor to manage their trust because it can be time consuming and complex.
Our specialist trusts team ensures that your trust is run efficiently and are responsible for ensuring your wishes are met and that your beneficiaries are provided for as you set out.
We pride ourselves on taking care of our clients’ trusts and we actively manage them to make sure they are working as they should and continue to be the right vehicle for your assets. If you need to make changes, for example, if your circumstances change, then we will work closely with you to advise on how best to do that.
If you are looking for support managing a current trust, it is possible for us to take over its administration. Please contact us to find out how we can support you with that change.
What do trust solicitors do?
As experienced specialists in this field, our friendly team is here to advise you on all aspects of estate planning and trusts.
As well as assessing your needs and advising which trust to establish, we will prepare the necessary documents and will support you with regard to the administration and management of the trust.
Why choose us as your trust management lawyers
Our specialist trusts team has the breadth and depth of knowledge you need to support you when you are planning your estate and your solicitor will always work closely with you to make sure they understand your specific needs.
As an award-winning, full-service legal practice, we pride ourselves on offering a holistic service to clients. Whenever possible we draw on the expertise of our colleagues across the practice, using a multi-disciplinary approach to tackle other legal issues that may arise.
Down-to-earth and practical, our lawyers are renowned for guiding clients clearly and methodically, providing bespoke advice to achieve the best outcomes. We also have a reputation for clear communication, making sure you understand your options and legal responsibilities.
Meet the trust management team
Lucy Obrey
Partner and Head of Private Client
Laura Wiley
Head of Trusts
Nyrée-Victoria Grevett
Associate - Wealth Preservation
Nick Moxon
Senior Partner; Partner - Private Client
Kate Newton
Legal Director - Estate Planning
Kia Starks
Legal Assistant - Wealth Preservation
Matthew Norgrove
Senior Associate - Wealth Preservation
Scott Vanes
Senior Associate - Wealth Preservation