Lifetime trusts and trust administration
A trust is a highly useful legal arrangement that allows a person (the settlor) to transfer assets to trustees to hold for the benefit of one or more beneficiaries upon the terms of the trust. Whilst they are often used to hold and protect assets for beneficiaries in your Will, they can also be used during your lifetime to ringfence and protect assets, and can be advantageous tools in mitigating your tax liability.
Our expert Trusts team can advise you on the use of trusts during your lifetime and the potential benefits, including:
- Inheritance Tax planning
- Income Tax and Capital Gains Tax benefits
- Asset protection
- Allowing you (or someone you trust) to retain control as trustee(s)
- Protection from creditors, divorce and bankruptcy
- Provision for school fees for grandchildren
- Provision for university costs for children
We can also advise clients on and assist with the ongoing running and administration of lifetime trusts, including:
- Advising trustees on their legal duties and ensuring they know what needs to be done to comply with these duties
- Attending (if so wished) trustee meetings and investment review meetings along with or on behalf of the trustees
- Registering the trust with HMRC on the Trust Registration Service and supporting the trustees with their ongoing obligations in relation to the register
- The trust’s Inheritance Tax, Income Tax and Capital Gains Tax allowances and reporting requirements
- What should be considered when benefiting potential beneficiaries (i.e., their personal circumstances and tax position at the time and the relevant documentation required to deal with the distribution/benefit to the beneficiary)
If you would like assistance with setting up or administering a lifetime trust, please do call our experts on 0330 221 8855 or email us at wills@attwaters.co.uk to set up an appointment.
