There are many reasons for setting up a trust.  It may be created in a Will or it could have been recommended to you as a tool to be utilised as part of your long term estate planning strategy.

Whatever the reason for the use of a trust our team, many of whom are members of STEP, can advise and guide you through the creation of the appropriate trust. Consideration and advice will be given on each of the following areas:

  • Choosing the correct trust to achieve your objectives; whether the aim is to provide specific benefit for an individual or group or to remove certain assets from your estate for inheritance tax purposes the use of the correct type of trust, at the correct time, is crucial.
  • Tax consequences. Advice will be given about the tax consequences of setting up the trust including the effect on you as the person creating the trust but also the likely tax treatment of the trust assets in the future.
  • Legal formalities; including creation of the Trust Deed and supporting documentation and registration of the trust with HM Revenue & Customs

Once the trust has been successfully created our team have the knowledge and expertise to guide the Trustees though their ongoing duties and responsibilities, enabling them to diligently manage and administer the trust. Trustees should meet at least on an annual basis and will need to consider some or all of the following:

  • The day to day administration of the trust
  • Preparation of annual trust accounts
  • Tax compliance work - including completion of self assessment trust tax returns, inheritance tax returns and arranging the appropriate periodic payments of tax
  • The performance of the trust fund, and making decisions about any changes for the future
  • Agreeing a suitable investment policy with investment advisers
  • Ensuring the trust property is correctly transferred under the control of the current trustees
  • Income and capital distributions – including consideration of the tax consequences and preparation of the appropriate documents.
  • Deeds of Retirement and Appointment for when there is a change of the Trustees
  • changes in legislation

We are able to provide you with advice in relation to the legal aspects mentioned above (and others as they arise).

George Green LLP also works with a number of trusted advisors to whom we can refer you to assist with investment or accounting advice.  We are therefore able to set up a trusted network so that you as Trustee can rely on George Green LLP to provide you with the necessary legal advice whilst referring you to other high quality professional advisors who can service your other needs as a Trustee.