A trust involves placing the ownership of assets into the hands of chosen individuals (trustees) who look after those assets for others (the beneficiaries). A trust may arise because of a conscious decision to gift assets into a trust during life, on death under the terms of a Will or on death because of the statutory rules of intestacy.

There are a number of considerations to bear in mind when setting up a trust – from the ways in which tax may apply, to trustees’ duties and responsibilities in terms of managing the trust fund.

We aim to help trustees make the right decisions and risk manage the investments accordingly.

We can help trustees by ensuring:

• A thorough understanding of both the legal and the investment processes
• Detailed knowledge of the inheritance tax, income tax and capital gains tax rules associated with trusts
• Fellow trustees are communicated with regularly to document the outcomes of annual reviews
• An Investment Policy Statement is in place to ensure compliance with the terms of the trust and statutory duties
• An understanding of the beneficiaries’ interests in the trust and what rights they have.

We work closely with independent financial advisers to help trustees understand and make decisions in relation to investing and managing the funds held in a trust.

For more information about our services for family trustees, please contact us.