Trusts and Trustees
Trusts can be a very useful way to control assets tax efficiently. Whether to your estate assets out of probate after your death or to ensure are used for a particular purpose such as school fees.
A trust is an agreement between an owner of assets and the chosen trustees. The trustees legally own the assets of the trust, but are not allowed to benefit themselves (unless they have also been named as beneficiaries).
Trust planning can provide significant tax planning opportunities, as well as protect your beneficiaries from a range of future risks to their finances.
We can advise on a broad range of trust planning, that can protect your needs and the needs of your beneficiaries.
We cannot not write wills or Powers of Attorney for you but can advise you in principle. We will always advise involving a legal professional in such matters.
We will always advise involving a legal professional in such matter and we work with many solicitors.
Lasting power of attorney
It may be necessary to plan for passing on decisions about your finances to the people you love and trust the most. It will give you peace of mind if you are concerned about your future health or ability to make decisions for yourself. It's always a good idea to plan ahead. We do not set up LPAs for clients but we can refer you to a suitable local solicitor to review this.
It is prudent to look at your will to ensure that your estate is shared between loved ones in the way that you want. We do not write Wills but we can refer you to a suitable local solicitor to review this.
Under the Trustee Act 2000 trustees have certain duties in connection with the investment of trust funds, in particular to have regard to the need for diversification as well as the suitability of any trust investments. Furthermore, they must regularly review the trust investments and in doing so they are obliged to take "appropriate advice” on investment matters.
Whether you are a professional trustee or a lay trustee acting on behalf of a family member or friend getting the right type of investment advice is therefore of the utmost importance.
We have experience in helping trustees comply with their duty of care by formulating investments strategies aligned to the objectives of the trust. Once an appropriate arrangement has been put in place we will manage it on behalf of the trustees and provide regular reviews by way of a trustee meeting.
To discuss this further, please contact us.