Private Client
A trust can allow assets to be managed for someone else, during your lifetime or under your will. It can be useful in particular family circumstances, but it also creates responsibilities and possible tax and reporting obligations. We help you understand whether a trust fits the purpose you have in mind.
Understanding your next steps
Providing for children, supporting a vulnerable person or allowing someone to benefit from an asset for a period may call for different arrangements. We discuss who should benefit, when they should benefit and how much discretion trustees should have, before considering the legal documents.
Trustees hold and manage assets under the trust’s terms and their legal duties. The choice of trustees matters as much as the wording. We can advise on the deed or will provisions, the decisions trustees may make and issues arising when circumstances or trustees change.
A trust is not automatically tax-free. Registration, records, accounts and tax returns may be required, including for some trusts with no tax to pay. We identify the legal work and where tax or accounting input is needed before the arrangement is put in place.
A clear way forward
For an existing trust, bring the deed, amendments, accounts, trustee details and HMRC correspondence. For a new trust, bring an asset list and your intended beneficiaries.
We consider the purpose, alternatives, control of assets and likely responsibilities, rather than assuming a trust is always the best answer.
We help with the agreed legal work and explain the next steps for signing, transferring assets, registration and ongoing administration.
Planning ahead
Costs depend on the type of trust, assets, drafting and advice required. Ongoing administration and tax work may be separate from establishing the trust. Ask for both the initial scope and likely continuing responsibilities to be explained.
The timetable depends on the complexity, tax input and any asset transfer. Do not move property or funds into a proposed trust before the documents, tax consequences and practical arrangements have been considered.
Read our published Price Guide, then contact us to confirm the work you need and the costs involved.
View Price GuideUseful to know
No. Its usefulness depends on the purpose and the beneficiary’s circumstances, not simply the value. However, the costs and continuing administration should be proportionate to what it is intended to achieve.
Not necessarily. Different trusts have different tax treatment and some transfers can trigger tax charges. The result depends on the assets, terms and circumstances, so a trust should not be assumed to produce a saving.
Most trusts must be registered, but exemptions apply. Even a trust with no tax liability may need registration. The specific arrangement should be checked rather than relying on its name.
That depends on the terms and the legal and tax consequences. A trust transfers responsibilities to trustees. Retained rights or benefits need careful consideration and may affect the intended result.
General information for England and Wales. Contact us for advice about your circumstances.
SJS Solicitors · Balham
