Trusts & Estate Administration

Our Trust and Estate Department has been established for many years and is a serious alternative to Solicitors and Banks giving a cost-effective service, with no percentage charges on the value of the assets.  We are well placed to give best advice due to the close knowledge of your financial affairs.

Trusts

Trusts, sometimes called settlements, can be created in your lifetime or as a result of provisions included in your Will.  Trusts enable assets to be given away whilst retaining some control over them.  Income can be paid to different persons with the capital ultimately going to other persons.

Broadly speaking there are two basic types of trust; Life Interest Trusts and Discretionary Trusts. 

A Life Interest Trust has the following features:

• A nominated beneficiary has an interest in the income from the assets of the Trust.  This right may be for life or a shorter period perhaps until a certain age.
• The capital will usually pass onto another beneficiary or beneficiaries.

A Discretionary Trust has the following features:

• No beneficiary is entitled to income as of right but the Trustees have discretion to pay income to one, some or all of the beneficiaries.
• Income can be accumulated by the Trustees for up to 21 years.
• Capital can be gifted to a nominated beneficiary or to a class of beneficiaries at any time.

As a result of new rules from 21 March 2006, apart from a Life Interest created by a Will in favour of a surviving spouse or Civil Partner, it is considered advisable to utilise a Discretionary Trust with its increased flexibility.

We can advise you as to the most suitable trust for your circumstances.

For example a Discretionary Trust can be useful when you wish to reduce the value of your Estate but do not consider that the potential beneficiaries are old enough or sufficiently mature to act wisely with the assets.

Trusts can also be extremely tax efficient when the beneficiaries are non tax payers.

We can assist in the drawing up of the Trust and our partners are happy to be appointed as trustees.

Estates

We are experienced in dealing with obtaining probate and administering estates and generally provide assistance to the family at the time of death.

We constantly seek to reduce the tax liability on an estate and can advise on the use of a Deed of Variation following a death.  This has many benefits including a potential reduction in the Inheritance Tax liability and can provide sensible planning for the next generation.

We can assist in the drawing up of your Will and our partners can be appointed as executors.  Equally we would be pleased to assist the family and act as administrators in the case of an intestacy.