What are trusts?
A trust is a legal arrangement under which someone (the settlor) places assets under the control of persons (the trustees) for them to administer for the benefit of others (the beneficiaries), according to instructions contained in the trust deed.
Trusts are generally tailor-made to suit the requirements of the settlor and their family.
Common reasons for creating a trust are:
- Reducing inheritance tax payable on your death
- Providing for your family during and after your lifetime
- Safeguarding your assets during your lifetime and after your death
Our approach to trusts
As part of our trusts service, we assist in completing annual trust accounts and tax returns, reviewing the suitability and performance of trust assets and hosting trustee meetings.
We also provide expert advice throughout the life of the trust to ensure that the maximum benefit is derived from the assets held by the trustees.
Simpson Wood can also take over and administer existing trusts if required. One of our directors can, if you wish, act as a professional trustee and we would be happy to discuss the use of trusts for tax planning and other family reasons with you.
We will help you choose the type of trust that best suits your needs and those of your family. This can be particularly important if there are very young or other vulnerable family members to consider.
To hear more about how we can help you with trusts, contact us today.
More from Tax and Estate Planning
We offer a complete solution to clients. As well as completing your return, we use our knowledge of your individual circumstances to provide you with proactive advice and help you to minimise your tax burden.
Our knowledge of trust and tax law and of its practical application has enabled us over many years to establish a large and well respected trust department, making us one of the leading practices in the area offering such a specialised service.
Over more than two decades, we have built up an exceptional relationship of trust and goodwill. No issue is ever too trivial and professional advice is always gladly given. Simpson Wood is scrupulous and totally dependable.
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