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An often dismissed yet extremely flexible tool in your estate planning toolbelt:

Trusts

People often shy away from trusts, perceiving them to be over complicated. Whilst it is true that trusts can be complex, many trusts can be used in very direct and practical ways and they can provide a level of flexibility in estate planning that cannot be denied. We pride ourselves on our ability to communicate with clients in a clear jargon-free manner, to demystify trusts. This allows our clients to make informed decisions on the suitability of trusts for their circumstances.

A trust can be established in lifetime by a trust deed or via someone’s Will, to come into effect on death. Our experienced team advises on all aspects of trusts including creation, use, variation and termination. We advise those creating a trust (‘settlor’), individuals responsible for managing the trust (‘trustees’) and those who can benefit from the trust (‘beneficiaries’). We are also experienced in working in the role of a professional trustee. Our clients are UK and non-UK resident and include private individuals, corporates and international families.

Our Trust Manager Lauren Hockley-Smith works alongside other team members to provide specialist trust advice, register trusts with HMRC and prepare and submit annual trust accounts and tax returns.

For a discussion on whether a trust might be right for you, please contact one of our team members below.

How we can help

Bare trust

Advising on and creating trusts where the beneficiary has an immediate right to both the capital and income of the trust fund.

Disabled persons trust

Advising on and creating trusts primarily for the benefit of a disabled individual which, providing certain criteria are met, benefit from favourable inheritance tax, capital gains tax and income tax treatment.

Trust accounts and tax returns

Advising trustees on their duty to keep accounts and declare and pay any tax arising on trust assets. Preparing annual accounts and preparing and submitting annual tax returns to HM Revenue & Customs.

Life interest trust

Advising on, creating (either during lifetime or through a Will), administering and winding up trusts where the beneficiary (life tenant) has a right to the income but the capital is protected for other named beneficiaries.

Personal injury trust

Advising on and creating trusts to hold personal injury damages or compensation for the benefit of the recipient.

Trust Registration Service (TRS)

The majority of trusts must register on the TRS by 1 September 2022. Providing advice regarding requirement to register, registration of trusts and annual updates to the register.

Discretionary trust

Advising on, creating (either during lifetime or through a Will), administering and winding up flexible trusts that name a list of potential beneficiaries. The trustees decide how much, when and which, if any, of the beneficiaries should benefit and no beneficiary is absolutely entitled.

Trustees duties and responsibilities

Providing advice to trustees in relation to compliance with legal obligations, acting within the terms of the trust, duty of care, conflicts of interest and protecting trust assets.

Advising on and creating trusts where the beneficiary has an immediate right to both the capital and income of the trust fund.

Advising on and creating trusts primarily for the benefit of a disabled individual which, providing certain criteria are met, benefit from favourable inheritance tax, capital gains tax and income tax treatment.

Advising trustees on their duty to keep accounts and declare and pay any tax arising on trust assets. Preparing annual accounts and preparing and submitting annual tax returns to HM Revenue & Customs.

Advising on, creating (either during lifetime or through a Will), administering and winding up trusts where the beneficiary (life tenant) has a right to the income but the capital is protected for other named beneficiaries.

Advising on and creating trusts to hold personal injury damages or compensation for the benefit of the recipient.

The majority of trusts must register on the TRS by 1 September 2022. Providing advice regarding requirement to register, registration of trusts and annual updates to the register.

Advising on, creating (either during lifetime or through a Will), administering and winding up flexible trusts that name a list of potential beneficiaries. The trustees decide how much, when and which, if any, of the beneficiaries should benefit and no beneficiary is absolutely entitled.

Providing advice to trustees in relation to compliance with legal obligations, acting within the terms of the trust, duty of care, conflicts of interest and protecting trust assets.




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      By completing and submitting this form, you consent to Greenwoods Legal LLP processing your personal data to provide you with the email update services you have selected and any other materials and information about our services that Greenwoods Legal LLP reasonably believes will be of interest to you. You are free to withdraw your consent at any time by emailing mailinglists@greenwoods.co.uk