Trusts – we offer expert advice to settlors, beneficiaries and trustees
A trust is an arrangement whereby an individual (“a Trustee”) holds assets on behalf of another person (“the Beneficiary”). Trusts can help individuals in a variety of different ways, including amongst other things, to save tax, protect assets from unwise beneficiaries or look after them for those unable to look after their wealth for themselves. The person who sets up the trust either in their lifetime or in their Will is called “the Settlor”.
We can help you to set up a trust in your lifetime, or incorporate a suitable Will Trust into your Will.
Our experts can give comprehensive advice and practical assistance to settlors, trustees and beneficiaries in respect of their various legal obligations. This includes tax reporting and planning which is a vital consideration in the setting up of or running of a trust.
We can assist lay trustees to fulfil their administration requirements, including by hosting their annual trustees’ meetings, discussing investments and putting them in touch with trusted financial advisors who have proven track record in managing trust assets and completing tax returns.
We can also act as professional trustees where the need arises (such as when there are large amounts of money in the trust fund and the trustees wish to rely on our professional insurance in relation to decisions taken, or where there are no suitable “lay” trustees available, or there are conflicts between the family members involved).
Our solicitors have experience in the administration of a wide range of trusts, including discretionary trusts, Will trusts and trusts arising under intestacy provisions, as well as those for pension and life assurance death benefits.
We also advise on and prepare trusts for the disabled and vulnerable beneficiaries which can ensure that the maximum benefit is obtained within the rules.
Lisa Davies in our Cardiff office has considerable expertise in setting up trusts of all types and can advise you of the right type of trust for your needs and on the running of the trust once it has been established.