ProTrust – Trust Management

We offer advice and assistance in the following areas of Trust administration:

1. Trust Management
2. Advice to Trustees
3. Trust Registration
4. Retiring and Appointing Trustees
5. Removing Trust Restrictions for Property Sales
6. Loans & Gifts from Discretionary Trusts
7. Professional Trustee Services

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, assisting 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 taxed for holding assets or value within them.  The tax applies above certain thresholds.  The tax counterbalances the asset protection that the Trust provides for families. Trusts are also taxed on income and capital gains generated on assets held within the Trust framework.  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 to overcome is a lack of knowledge and education on the part of trustees, beneficiaries and other professionals advising them.  That can manifest itself in different ways, including a lack of understanding of:

• The purpose of trust protection;
• The options (including gifting and lending) for 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 the education in those areas so that this leads to better organisation of the trusts to make them more effective and efficient moving forward. Our work arises out of a genuine need for this expertise.  Trusts are such an important area and generally they are good, well-purposed entities to put in place and the benefits for most families can be considerable.  At a time where there are a great many of routine family Trusts the requirement for understanding and to implement a good, practical working structure for trusts, is vital.  The fact of there being a duty to register most trusts with the TRS will encourage a review and refresher of the purpose and effectiveness of Trusts (particularly those of a more dormant nature).  That process is beneficial and helpful to all concerned in order that greater understanding is achieved and appropriate decisions 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.