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Trust Creation and Management

A Trustee’s duties and powers

Duties A trustee has the following duties: 1. Before accepting a Trusteeship The potential trustee should be sure that there is no conflict of interest between him and any beneficiary. 2. On... Read full guide

Bereaved Minor Trusts and 18-25 Trusts

A Will making a gift to children conditional on their attaining a particular age will create either a Bereaved Minor Trust or an 18 – 25 Trust. What are they? Bereaved Minor Trusts Where a Will... Read full guide

Flexible Life Interest Trusts

What are they? A Life Interest Trust arises when a beneficiary is left a lifetime interest in relation to assets contained in an estate.  This normally means that the beneficiary is entitled to... Read full guide

Gifting the family home? A guide for clients considering their options

Important This standard guidance is issued: in conjunction with our general terms of business. If you have not received a set with this document or you would like to receive another set of those... Read full guide

Inheritance Tax Residence Nil Rate Band

What is the Residence Nil Rate Band? Inheritance tax (IHT) is charged on your death at the rate of 40% based on the value of your assets. This 40% rate is only charged on any value exceeding the nil... Read full guide

Investment of Trust Funds for Minor Beneficiaries Q & A

As professional Trustees we are often asked questions by the parents of minor beneficiaries. Here are some of the most frequently asked questions. 1. The Deceased died some time ago, why are the... Read full guide

Life Interests and Rights of Occupation

What are they? First, some definitions: Tax Definitions Interest in Possession (IIP) – when a beneficiary has “a present right of present enjoyment in the net income of the Trust property... Read full guide

Making a trust – when, why and how

A trust is a legal arrangement where one or more people or a company (called the trustees) controls money or assets (called the trust property) which they must use for the benefit of one or more... Read full guide

Personal Injury Trusts – things for you to think about

What is a Personal Injury Trust? The trust is created by you when you sign a special document called a ‘trust deed’. It states who must look after your compensation on your behalf. The people who... Read full guide

Tax treatment of Discretionary Trusts and ‘Relevant Property Trusts’

This guide provides information about the tax treatment of discretionary trusts which can be created by Will or during the Settlor’s lifetime. The tax regime is also applicable to trusts classed... Read full guide

Trust Administration – a short guide

SECTION 1 – TRUSTS AND TRUSTEES  What is a trust? ‘A trust’ is a relationship that is recognised and enforceable in the courts. It can be created by a person’s Will or set up during... Read full guide

Trust Registration – everything you need to know

1. I have heard I need to register my trust? This is correct.  The Fifth Money Laundering Directive (5MLD) came into effect in the UK on 6 October 2020. This directive has vastly extended the... Read full guide

Vulnerable / Disabled Person’s Trust

A trust for a vulnerable/disabled person is a trust set up for the benefit of such an individual aged under 18 and at least one of whose parents has died (bereaved minor), or someone who is... Read full guide

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