Trusts are set up for a number of reasons which include the control and protection of family assets, to pass on assets during your lifetime, or on your death, the financial protection of a person who may be too young to handle their affairs and more. Similarly, you may be a party to an existing trust.
How Does A Solicitor Support in the Creation of a Trust?
As there are so many circumstances in which it may be worth considering the creation of, or administering a trust fund, at Goughs we are happy to offer advice on what might work for you. We consider each individual's unique objectives and can advise on the types of trust available to you. We can help you consider which type of trust would better suited to your objectives and what the implications of setting up a trust may be. This could include tax charges on the creation of a trust, or considerations about your own future. We can also advise you on the things to consider when choosing Trustees and what the role would entail.
We can also assist with the ongoing administration of the trust including registering the trust with HMRC, preparing annual trust accounts and tax returns, the preparation of ongoing paperwork for the trust.
Assistance can even come in the form of the winding up of the trust fund when appropriate. This could include finalising the tax position regarding the trust and preparing paperwork to deal with the final distributions.
Click here to make an appointment with a member of the Private Client Team or call 01225 762683.
For further detailed information on Trusts, click here.
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