ProTrust – Trust Management

Trusts are protection vehicles most commonly used alongside Wills. The management requirements for Trusts vary according to:

• The scale and nature of Trust assets;
• The circumstances of those who can benefit (usually family members);
• The taxation and legal reporting requirements.

We are here to guide Trustees and Beneficiaries with all aspects of administration, including the following:

TRUST MANAGEMENT

In essence, this comprises management of Trust operations and acting for trustees in discharging their duties whether as an ongoing basis or in one or more specific areas of requirement.

ADVICE TO TRUSTEES

Trustees may require specific help and assistance in managing expectations of discretionary beneficiaries, or advice on specific issues.  There can be requirements for removal or retirement of Trustees, advising as to Trustee Act 2000 duties and protecting Trust assets.  Likewise, advice work can include explaining merits/disadvantages of using loaning options for beneficiaries (instead of outright gifts) or advice as to structuring trust investments and setting up Trust bank accounts;

REGISTRATION AT THE TRUST REGISTRATION SERVICE (TRS)

Registration is a recent but important requirement for most trusts. Assistance may be required in explaining TRS requirements for your Trust, dealing with all TRS requirements for the Trustees, advising as to the details and information needed or advising as to the input of detail as to classes of beneficiaries and named beneficiaries.

We are dedicated to serving our clients, working with and alongside your other advisors in providing the best overall service.

Please contact us for an initial face to face meeting or zoom call/discussion.

Trusts are often very useful legal vehicles for families. They are commonly created alongside Wills as part of an estate planning process. Trusts are seen as ‘protection boxes’ allowing family money or assets to be held for chosen beneficiaries and where possible free from outside attack from 3rd parties. Trusts are relatively well known and understood by both professionals and by UK HMRC.

Trusts are indeed taxed above certain thresholds for the privilege of the protection and taxed for income and gains generated on those assets.  However, for most people, trusts are fairly taxed and not subject to undue administration requirements.  There is a relatively recent requirement for TRS registration and other due diligence processes but it is generally the view that overall the benefits of Trusts are continuing to outweigh the costs.

However, correct and proper management of Trusts varies considerably according to the experience and expertise of those advising Trustees and beneficiaries.  One of the primary issues is that there is often a lack of knowledge and education on the part of trustees, beneficiaries and professionals advising them.  That lack of knowledge and understanding extends to :

• Purpose of trust protection;
• Understanding all options (including gifting and lending) in advancement of funds to beneficiaries;
• Trustee duties to beneficiaries for a Discretionary Trust, an Interest-in-Possession Trust and other trusts;
• How income, capital gains and distributions are taxed;
• Due diligence and registration requirements;
• How to manage the Trust over the longer term.

Our specialism is education and organisation in this area, and it arises out of a genuine need for this expertise at a time where there are a great many of routine family Trusts.  The duty to register most trusts with the TRS will encourage a review and refresher of the understanding of Trusts (particularly the more dormant of them), which is beneficial and helpful to all concerned so appropriate decisions can be taken.

We hope that our website provides knowledge and information as to various aspects of Trust Management.  We hope it helps you.  If there is anything that you would like to discuss, any questions to ask, please do not hesitate to contact us.

Our focus is on three areas:

1. To cherish traditional values of care and service
2. To use a modern approach to ensure speed and cost-effectiveness
3. Above all, to provide solutions to your needs and wishes.