Trust and Estate Planning Services

Trusts have long been a key part of estate planning and are often an integral part of a family’s overall tax planning strategy. In the right circumstances, trusts can be a secure, flexible and potentially tax efficient way of allowing assets to be passed down through the generations. Trusts can also be beneficial for those with complex family arrangements.

We operate a large trust team across the UK and Ireland, with a core team of 14 experts (in UK and offshore trusts) and a wider team of 12 others who also have trust experience. We can guarantee that you’ll benefit from extensive specialist expertise and valuable experience in this complex area. Our team members hold a wide range of qualifications, including the Society of Trust and Estate Practitioners (STEP).

Many people have a view of what they want to happen with their assets or their business in the future. However, life has a habit of throwing up the unexpected to disrupt your plans. Using trusts can give you the flexibility and control to cope with changing circumstances.

Alternatively, a Family Investment Company (FIC) still offers much of the control and flexibility provided by a Trust, but can also be beneficial for the founder thanks to the greater tax efficiency of FICs. Our Family Investment Companies team can discuss the pros and cons of each approach and advise you on whichever route you choose. 

If your estate is worth more than the current IHT nil rate band of £325,000 (£650,000 for married couples) then it makes sense to explore whether you could benefit from using trusts to mitigate your exposure to this tax.

We advise a broad range of clients on setting up different types of trusts, linking this in with wider tax and business succession planning if appropriate.

Trusts allow you to protect your surviving spouse or other beneficiaries from the problems, pressures and unwanted attention often associated with inheritance. For example, if you feel that your children wouldn’t be ready to inherit at 18, but might be better waiting till they are older, or you would feel more comfortable with your assets being managed and controlled centrally, you can build this into your trust requirements.

Trusts are flexible; you can use trusts to stipulate the age at which beneficiaries inherit as well as give them the right to income on an arising or discretionary basis. Property, cash or investments can be placed into trust – it doesn’t have to be one or the other.

The timescales for setting up trusts are also flexible; they can be set up during your lifetime or in your will, whatever works best for you and your individual needs.

In addition to advising on the setting up of trusts, our experienced team can also manage and deal with a wide range of trust administration matters for both UK and non-UK trusts, to include:

• Trust Registration Service
• Annual accounts
• Tax returns
• Inheritance tax returns
• Capital gains tax on property returns (due within 60 days)
• Bookkeeping
• Year-end distribution planning
• Year-end capital gains tax planning
• Trustee meetings and minutes
• Opening bank accounts, writing and banking cheques
• Liaising with HMRC
• Liaising with solicitors and investment advisors
• Winding up the trust

In addition to income tax and capital gains tax reporting, some of the other responsibilities of an executor during the administration period include:

• Gathering together details of all assets held as at the date of death and obtaining valuations of these
  • Ascertaining whether there is any Inheritance Tax liability
  • Reporting the estate value and submitting Inheritance Tax returns to HM Revenue and Customs as appropriate
  • Once probate/confirmation has been granted, gathering in the assets
  • Paying any debts left by the person who died
  • Selling assets such as properties or shares if appropriate
  • Ensuring that assets are distributed according to the will or the rules of intestacy if there is no will
  • Preparing estate accounts to document the above