Trusts
Creating a Trust can be an effective way to manage assets, protect vulnerable beneficiaries, assist in passing family wealth down to future generations and for tax planning purposes.
We can advise on the creation, administration and taxation of Trusts. Our experienced team includes 18 members of the Society of Trust & Estate Practitioners (STEP), including 10 full members, and two chartered tax advisors.
Find out more about how we can help in the event of a dispute involving a Trust, by clicking here.
Benefits of Trusts
We can help you set up a Trust in order to:
- Hold assets for young children/grandchildren to safeguard inheritance
- Hold assets for beneficiaries who may need additional protection because they are financially vulnerable, for example due to disability, incapacity, business risk or unstable relationships
- Make appropriate provision for members of a blended family
- Provide for your grandchildren’s education in a tax efficient manner
- Assist with planning for residential care costs
- Hold compensation awards for personal injury
- Assist with wider tax planning
Trust administration
Our team can assist in the ongoing administration of a Trust, including:
- Assisting with tax efficient distributions of income to beneficiaries
- Helping Trustees meet their legal, regulatory and tax compliance obligations through the preparation of regular Trust Accounts, maintaining accurate Trust records and preparing annual Trust tax filings to HMRC
- Dealing with changes of Trustees
- Providing advice on varying Trusts and/or assisting with winding up Trusts
Taxation of Trusts
Our team includes Chartered Tax Advisors who can provide you with advice on:
- Income Tax
- Capital Gains Tax
- Inheritance Tax
- All Property Taxes
We work alongside Trustees’ existing advisers to ensure efficient management of Trust assets for the longer-term benefit of the beneficiaries. We can provide specific guidance on Business and Agricultural reliefs as well as how to manage Trusts assets to maximise available tax reliefs and exemptions.
News and insights
A changing legal landscape for Trusts
What are the duties and responsibilities of Trustees?
We explore the duties of Trustees and what advice Trustees should be taking in order to meet their obligations.
What are the main features of the Trusts and Succession Bill?
The Trusts and Succession (Scotland) Bill was introduced to the Scottish Parliament on 22 November 2022.
Key contacts
We understand that your circumstances maybe complex and sensitive and you may feel apprehensive about speaking to a lawyer – we can help. Our experienced team can guide you through the creation and administration of Trusts. Get in touch with one our team to find out how we can help you.
All team
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We understand the need for discretion and that you may not be clear on your options or indeed the process of instructing a lawyer. If you would like to arrange for someone in our private client team to get in touch at a time that suits you, please provide a few details.
A very client-focused approach to business which has not only made the process a pleasure, but also ensured that even the most complex issues are understood by one and all.
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