Our approach to Trust Law is straightforward. We take the time to discuss with our clients what they are looking to achieve and how they can reach their goals in a way that suits their circumstances.
Trusts often involve administration work and tax reporting obligations which can be complex. It is vital for us to ensure that our clients are aware of what they are trying to do, how their goals can be achieved, both now and in the future, and what will be involved.
As of the 1st September 2022, HM Revenue & Customs require the vast majority of Trusts to be registered with their Trust Registration Service. We can advise clients of their reporting obligations and how they can ensure that their trust matters are compliant.
If a Trust is not suitable for a client then we will inform clients of this and advise on other options available to them. We often advise clients on Trusts that have been created for them by advisers from other firms who have not fully informed their clients of everything that was involved. In those situations we can assist clients in unwinding Trusts that are unsuitable whilst complying with all of their administration and tax reporting obligations.
A Pinney Talfourd Trust Lawyer will explain Trusts in simple language and often work with other professionals such as Accountants and Financial Advisers to achieve the best outcome for our clients.
We are flexible with client appointments, be it in one of our offices, in your home or by video calls at a time that is convenient to you. Call us, email, visit one of our offices throughout Essex and London, or arrange for a consultation through the “Get in touch” form on our website.
If you need a firm of Trust solicitors who will be there to help you achieve the best outcomes for you and your loved ones, for now and the future then please contact us today.
Asset Protection Trusts
Contingent Interest Trusts
Life Interest Trusts
Personal Injury Trusts
Disabled Beneficiary Trusts
Taxation of Trusts
A Trust is simply Person A (known as a Settlor) transferring assets to Person B (known as a Trustee) for the benefit of Person C (known as the Beneficiary).
The Trust could be created during a person’s lifetime or on their death.
A person could potentially have one or more of these roles.
Any person or company can be appointed as a Trustee.
The main types of Trusts are:
A Bare Trust – The Trustee is holding funds for a Beneficiary which the Beneficiary can demand to be handed over to the Beneficiary at any time.
A Life Interest Trust – A beneficiary (known as a Life Tenant) is entitled to the income generated by a Trust Fund for a set period, usually for life. When the period comes to an end, the Trust assets then belong to another specified beneficiary (known as a Remainderman).
A Discretionary Trust – The Trustees hold assets for a number of specified beneficiaries. The beneficiaries are not entitled to anything from the Trust. The Trustees usually have discretion as to which beneficiaries should receive anything from the trust, how much and when.
A Contingent Interest Trust – A beneficiary is entitled to the Trust Fund but only when a set contingency has been achieved for example the beneficiary has reached an age where the beneficiary is now entitled to receive the assets in the Trust.
Following on from Pride month, solicitor Jessica Newton looks at considerations for the LGBT+ community when making Wills and carrying out estate planning. Wills Sometimes, a gift in a Will may be left to individuals…
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