Trusts are a useful tool for inheritance tax planning for your estate and for protecting family wealth. A trust is a legal arrangement where 'trustees' hold assets for the benefit of 'beneficiaries'.
There are many reasons why trusts are created. They may have been included in a person's Will, set up during a person's lifetime for tax planning purposes or created to protect the interests of a disabled relative or the proceeds of a personal injury claim.
Trusts can therefore be used to protect, preserve and enhance the wealth of a family or individual. In particular, a trust can:
Whatever the reason, our team of succession planning specialists can design the best solution for your circumstances.
If it is appropriate, we can discuss with you what type of trust best suits your needs and guide you through the creation of the trust. Trusts can be created during your lifetime or on death through Wills or intestacy.
We can also advise on the tax implications of setting up a trust. Once a trust is established it will need to be managed. This includes preparation of annual trust accounts, completing relevant tax returns and reviewing investment strategy for the funds involved.
We can provide you with two levels of service in respect of trusts:
As well as advising on the establishment of trusts, we can act as a professional trustee, and therefore we would deal with the preparation of annual trust accounts, administration of the trust, ensure all tax returns are dealt with and regularly review and document the investment strategy of the trust.
We would provide the appropriate level of advice and you would be able to organise the accounts and administration as you wish.
If you would like to review the different trust options please contact us.
Our team is recognised as one of the largest and most approachable teams in Kent and we pride ourselves on our practical no-nonsense approach to what sometimes can be a very technical area of law. Our skills are also recognised by the prestigious Society of Trust & Estate Practitioners.
Please see our Succession Planning Questionnaire for guidance.
