Are you a trustee of a trust? Are you unsure about your duties and responsibilities? Are you worried that you’re not doing everything you should be doing in regards to the trust? Do you understand what the trust is and does? What’s is the trust even for?
As a trustee you have a duty to administer the trust according to the law, and a failure to do this could result in you finding yourself liable to the beneficiaries of the trust.
And by the way, a trust is sometimes called a settlement.
Some of the most common types of trust are those created by a will, lifetime settlements for inheritance tax planning or asset protection and trusts linked to insurance policies.
The questions you might have could include:
- Why do we have this trust?
- What are my responsibilities as a trustee?
- Can I terminate/close the trust and if so, what do I need to do?
- Should I/can I make payments out of the trust and how do I do that?
- Should I invest the trust fund?
- Do I need to register the trust with HMRC?
- Do I need to keep accounts and submit a trust tax return?
- We are selling a house in a trust. What do I need to do in the trust?
At AWB Charlesworth Solicitors we specialise in trust administration and taxation, and can answer all of the above questions and more.
We offer a fixed price Trust Review Service which, for a fixed fee of £360 (including VAT) includes a review of the trust, a meeting to discuss the trust and a summary of our recommendations. Our legal accountant, Sally Houghton is an expert in this field with over 25 years of experience. For peace of mind, it could be worth a call.
Call Sally on 01535 613662 or by email at sally.houghton@awbclaw.co.uk
22 February 2024
Further reading:
A child with special needs may require some special long-term planning
