A Trust is a means of holding money for designated individuals without giving immediate access to the fund.

The Solicitors within our Private Client Department have a vast amount of knowledge and experience surrounding the law of Trusts. Therefore, if you need to establish a Trust for whatever reason, or you have a Trust and want to ensure that it is being dealt with correctly or taxed correctly, please contact us.

The usual reasons for creating a Trust include:

• protecting beneficiaries from themselves or from third parties;
• facilitating the making of a gift when the beneficiary is too young or immature to hold the gift himself;
• protecting the means-tested benefits of a beneficiary; and
• the disposing of assets for tax-saving purposes without giving an immediate right to a beneficiary.

Trusts can arise during a lifetime, within a Will, or automatically due to legislation. For example, Trusts can arise within a Will when the provision dictates that a child should not receive their inheritance until they reach the age of 21 years. This particular Trust is referred to a Young Person’s Trust.

There are many types of Trusts and specialist advice needs to be taken to ensure you are utilising the correct type of Trust for your circumstances, that it is being administered correctly and that it is not falling foul of any hidden tax legislation.

We can advise you on at least the following types of Trust:

• Discretionary Trusts;
• Bereaved Minors’ Trusts;
• Disabled Trusts;
• Immediate Post Death Interest Trusts also referred to as a Life Interest Trust);
• Bare Trusts;
• Pilot Trusts;
• Relevant Property Regime Trusts; and
• Spousal Bypass Trusts.

Returns and Accounts
As a Trustee, you can also receive the advice of our Solicitors as regards your role, duties and requirements when acting in this capacity. Additionally, we can complete annual Trust Tax Returns on behalf of Trustees or complete the other HMRC forms when other charges to tax arise. Of course, we can prepare or assist in the preparation of the required annual Trust Accounts legally required by the Trustees.

For more information about this please contact Alexandra Milton on akm@wdavies.com or Fiona Gould on feg@wdavies.com