A trust is a legal arrangement established so that name persons (trustees) can look after and deal with assets for the benefit of defined beneficiaries.
Trusts can be established during your lifetime or may be incorporated in a Will. The trust document sets out the obligations of the trustees and the way in which they are to exercise their powers for the benefit of those named as beneficiaries.
Trusts can be used for a variety of reasons including:
- The co-ownership of property
- The management of gifts to young people or adults who are unable to manage their own affairs
- Minimising (or avoiding) a charge to Inheritance tax
- Deferring the payment of Capital Gains Tax
- Making special provision for adults or children with special requirements due to mental or physical disability
- To receive death in service benefits or lump sums from insurance policies/pension funds
- Protecting family wealth
Our specialist solicitors can advise you on the creation, management or winding up of Trusts and the appointment of Trustees. We regularly act as Trustees in order to ensure that our clients’ wishes are carried out as they would have wished.
We also offer a Trust Administration service including the preparation of accounts and the filing of tax returns.
If you would like to know more about the formation and administration of trusts, please contact Kerry Young by emailing kerry.young@dmhstallard.com or by calling her on 01293 605074. Alternatively, please contact Claire Carberry by emailing claire.carberry@dmhstallard.com or by calling her on 01293 585610, or speak to your usual contact in the Private Client Team.
