Tax & Trusts

Tax & Trusts

Whilst many may think that trusts are for the very wealthy or the traditional landed estates the reality is quite different. There are a number of benefits of creating a trust and there can be significant advantages regardless of the size or complexity of the assets.

What is a trust

A trust is a device whereby the settlor (the person who creates the trust and puts assets into the trust) transfers those assets to the trustees (the people who are responsible for looking after and managing those trust assets) for the benefit of the beneficiaries (the people who benefit from the trust).

Why create a trust

Trusts are created for many reasons such as:-

  • To protect assets for the benefit of an individual who because of incapacity or vulnerability may not be able to manage those assets themselves
  • To provide for differing family members, for example, the spouse of a second marriage during their lifetime and then children from a previous relationship
  • For inheritance tax planning purposes

How we can help

We regularly assist with the ongoing administration of trusts including the preparation of any relevant supplementary trust documentation required during the trust period, and the preparation of trust tax returns and accounts.

At Burley Geach we have specialist solicitors and legal executives who can advise you as to whether your individual circumstances could merit creation of a trust and, if so, the most suitable type of trust. If you would like to explore your options further please contact one of our specialists, which include members of the Society of Trust and Estate Practitioners (STEP).