Administering a trust successfully can be time-consuming and stressful. Our highly regarded and friendly trust administration solicitors can guide you through the process as a trustee or help you look after your trust in accordance with the requirements of the law.
Trust law and HMRC’s reporting requirements are complex and trustees may face claims from beneficiaries if you fail to meet these.
What Is a Trust?
A trust is a relationship that is recognised and enforceable in court. It is created when a person gives assets to other people to hold, not for their own benefit, but for the benefit of others. It is a means of protecting assets while still allowing others to benefit from them.
A trust can be set up in your lifetime or in your will.
What Are the Benefits of Setting up a Trust?
- Minimise tax
- A means to pass property or assets to family members at a certain age or to provide additional protection to a vulnerable beneficiary
- Protect funds to be used for a specific purpose. For example, a grandchild’s education
- Safeguard money obtained during an injury claim and help to ensure that state benefits are not lost
How Can Spire Solicitors LLP Help?
- We have specialist trust solicitors and trust administrators who can assist with establishing your trust
- The dedicated and friendly team can produce the annual trust accounts and deal with trust tax compliance regulations, helping you to avoid HMRC penalties
- Manage trust administration for trustees throughout the life of your trust
- Assist with one-off administrative or compliance tasks as and when you need them, such as single tax returns
- Prepare trust accounts
- Advise on the legal powers and responsibilities of trustees
- Act as professional trustees
Whether you wish to create a trust or you are a trustee yourself, we have an experienced team that can provide specialist and reliable advice.
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