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 Trusts & trust funds solicitors

Trusts & trust funds solicitors

A tax-efficient trust can be an important tool when looking to protect your assets for the future from things such as Inheritance Tax.

Overview

Looking after your assets through the use of a trust

Careful estate planning is vital and our team has extensive experience in setting up and running trusts, which are a great way to protect your assets and your loved ones.

Setting up a trust allows specific assets to be transferred to someone else (Trustees) to be used for a particular purpose and to benefit specific people (the beneficiaries).

This is an effective and flexible way of ensuring that certain assets can be held for the people or organisations that you decide, letting your assets pass according to your wishes.

There are different types of trust suitable for different situations, including:

  • Family Trusts (Discretionary and Liferent)
  • Charitable Trusts
  • Disabled Beneficiaries Trusts
  • Personal Injury Trusts

FAQS

Common questions about trusts & trust funds
What is a trust fund and how does it work?

Answer

A trust fund is a pot of assets, often cash, investments or a house, set aside by you and managed by Trustees for the benefit of the people or organisations that you name.

Why set up a trust?

Answer

A tax-efficient trust can be an important tool when looking to protect your assets for the future from things such as Inheritance Tax. There are many good reasons for setting up a trust, including:

How do trust funds pay out?

Answer

This will depend upon the type of trust that you create. Sometimes named beneficiaries will have a specific entitlement to some of the trust assets. In other cases, the decision making around the distribution of assets will rest entirely in the hands of the Trustees.

Some trusts are intended to be in place for a specific period of time or until a specific event (eg a death or a particular birthday) while others are intended to run on an indefinite basis.

TRS

Trust Registration Service (TRS)

Following new EU Anti-Money Laundering regulations and as part of increasing demands globally for transparency, most UK trusts and some foreign trusts are required to maintain details of their beneficial owners. Beneficial owners include settlors, trustees, beneficiaries, protectors and any individuals with control/influence. All express trusts, regardless of whether they are required to pay any tax, must report details of their beneficial owners, together with additional information on trust assets, to HMRC. HMRC will retain this data on a Trust Register. Trusts which require to submit a self-assessment, or have a liability to other taxes such as Inheritance Tax or Land & Buildings Transaction Tax must also notify HMRC and register with the relevant service to ensure those taxes are paid timeously.

Trusts must supply information to HMRC via the Trust Registration Service (TRS) in the first instance. The Information on TRS must then be reviewed and an annual declaration must be submitted to HMRC to record the information is correct. Any changes to the information shown on the Register must be updated within 90 days of the change.

The reportable information is:

  • full name of the trust
  • date of creation
  • assets held
  • tax residency
  • beneficial owners details (See Below)
  • correspondence address
  • advisers’ details
  • type of trust

For each Individual beneficial owner (Settlors, Trustees & Beneficiaries who have been determined) the Trustees must report their name, address, date of birth and National Insurance number. If they do not have a National Insurance number, their passport details will be required instead. In addition they will be required to confirm their nationality and country of residence if they are not UK citizens. Date of death will be required for deceased Settlors and if Holdover Relief was claimed on creation of the trust, this should also be intimated.

For Corporate Trustees, details of the name, address, company tax reference, company address and email details are required.

Forms

Trust Compliance Forms

Following new EU Anti-Money Laundering regulations and as part of increasing demands globally for transparency, most UK trusts and some foreign trusts are required to maintain details of their beneficial owners.

Trust Information

Overview

Complete the downloadable trust deed form and return to us.

Trust Information Form

Key contact

Settled Property

Overview

Complete the downloadable trust deed form and return to us.

Settled Property Form

Key contact

Individuals form

Overview

Complete the downloadable form and return to us with a copy of the trust deed.

Individuals Form

Key contact

Corporate details form

Overview

Complete the downloadable form and return to us.
Only to be used if a corporate Trustee is involved.

Corporate Details Form

 

Key contact

Testimonials

“Jacqueline Leslie excels in work concerning the range of liferent, discretionary, charitable and personal injury trusts.” Clients add “Jacqueline is ever diligent, totally professional, with a quiet reassuring manner, friendly and very approachable.”

– The Legal 500 2022, HM client

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CONTACT US

Get in touch

Call us for free on 0330 159 5555 or complete our online form below to submit your enquiry or arrange a call back.

Speak to us today on 0330 159 5555

Get in touch

CONTACT US

Get in touch

Call us for free on 0330 159 5555 or complete our online form below to submit your enquiry or arrange a call back.