Trusts
Trusts can be created in life, or on death through a Will. Trustees are appointed to look after the assets for chosen beneficiaries and must act according to the terms of the trust.
You can use a trust to:
- Protect assets for the family.
- Mitigate Inheritance Tax and Capital Gains Tax.
- Ensure means-tested benefits continue.
- Ring-fence compensation from personal injury claims.
- Look after assets for younger beneficiaries, or for those who can’t manage money themselves.
- Confirm your share of a property.
- Circumvent the need to apply for a Grant of Representation (Probate or Letters of Administration) on death.
Trusts can be complex, and the tax rules associated with them change frequently. So it’s vital you seek professional advice before creating a trust or acting as a trustee.
Why choose Tollers?
Our highly experienced team regularly act for a wide range of trust including but not limited to;
- Trusts relating to property ownership (Declarations of Trust).
- Disabled persons trust.
- Personal injury trusts.
- Trusts for children.
- Will trusts.
- Asset protection trusts.
- Discretionary trusts.
- Charitable trusts.
Tollers are currently legal advisors to over 200 trusts and our Partners, Barry Rogers, Martin Hill and Jeremy Simmonds act as professional trustees on many of them. There are now many obligations placed on trustees, both to the beneficiaries of the trust and to Government departments such as HMRC and even to the American Inland Revenue Service. Tollers are able to guide trustees through the process of administering the trust ensuring compliance with all legal and regulatory provisions, while keeping at the forefront of considerations the purpose of the trust. We can tailor a package to suit your individual needs from advising you on the merits of a trust or advising a trustee about the extent of the role to creating and administering your trust as trustees. In some cases we are able to offer a fixed fee for the service you require and where this is not possible we will provide you with an estimate. We offer friendly and practical advice with a common sense approach. We have offices in Northampton, Milton Keynes, Corby, Kettering, Stevenage, Kempston, Oakham and Uppingham. We also offer home visits for a small additional charge.
How we can help
If you are thinking of ways to best provide for the future, we can:
- Advise on when you might benefit from the use of a Trust.
- Advise on the taxation and practical issues to consider.
- Draft trust deeds and associated documents.
- Arrange the transfer of your chosen property to the trust.
- Help you to select appropriate trustees and can also act in the role for you should that be the best option for you.
- Ensure that the trustees are aware of their legal and regulatory responsibilities.
If you are a Trustee, we can:
- Ensure that you are compliant with all legal and regulatory matters, including but not limited to the Trust Register, the Foreign Account Tax Compliance Act, the Common Reporting Standard and the General Data Protection Regulation.
- Ensure that you are complying with your duties as a Trustee and therefore not exposing yourself to personal liability.
- Communicate with the beneficiaries in relation to the trust.
- Carry out the required regulatory and identity checks on the beneficiaries.
- Produce agendas for annual trustee meetings with key topics to discuss and where appropriate attend and lead those meetings, and circulate minutes of the same.
- Produce trust accounts.
- Ensure compliance with Inheritance Tax, Capital Gains Tax and Income Tax regimes.
- Advise on the most Tax efficient way to meet the needs of the trust.
- Advise on any proposed actions by the trust, such as loans or distributions from the trust and produce the relevant documentation (including trustee resolutions, loan agreements, charges and deeds).
- Wind up the trust ensuring that accounts with HMRC and other organisations are closed and the liabilities of the trustees is at an end.
If you appoint Tollers to be your Trustees we will:
- Ensure that your wishes for the trust are carried out in so far as they are legally and practically possible.
- Ensure that the Trust is compliant with all legal and regulatory matters, including but not limited to the Trust Register, the Foreign Account Tax Compliance Act, the Common Reporting standard and the General Data Protection Regulation.
- Carry out all of the required duties of trustees in relation to the trust.
- Communicate with the beneficiaries in relation to the trust.
- Carry out the required regulatory and identity checks on the beneficiaries.
- Regularly review the trust, including the investments and needs of the beneficiaries.
- Produce trust accounts.
- Ensure compliance with Inheritance Tax, Capital Gains Tax and Income Tax regimes.
- Tct in the most Tax efficient way to meet the needs of the trust.
- Take action where required by the trust, such as making loans or distributions from the trust and produce the relevant documentation (including trustee resolutions, loan agreements, charges and deeds).
- Wind up the trust ensuring that accounts with HMRC and other organisations are closed.
Talk to Tollers
At Tollers we understand that each trust is unique, there is no one size fits all approach and we are happy to discuss your particular needs. If you would like further information, please contact a member of our team. You will usually be allocated to a member of the team based on your location and the complexity of the estate in question but if you have a specific preference then please let us know when you get in touch and we will do our best to accommodate your request. Although you will have a dedicated specialist responsible for your matter they will be assisted by more junior members of the team.
