A mechanism by which someone is appointed as a trustee and given the responsibility to look after assets on behalf of someone else
What are trusts used for?
Trusts offer you flexible, tax efficient structures to pass on or protect the family wealth to benefit your family and dependants in the most beneficial way.
How to set up a trust
As you can probably imagine, the rules around setting up trusts and trust administration are complex, so you really do need to seek specialist help. In particular, your adviser needs to look at your circumstances as a whole, in order to give you the best advice and to be sure that a Trust is the best option for you.
In certain circumstances, you may wish to use a professional trustee who will be experienced and qualified in dealing with trusts. Many of our SFE specialists are able to offer this service and can also assist any appointed trustees in their duties.
The advice our members offer will usually include:
- Advising you on the range of trusts available
- Drafting trust deeds
- Chairing trustees meetings
- Drafting trust accounts
- Completing trust tax returns
- Drafting deeds to complete the transfer of trust assets
- Assisting in the change of trustees
- Reviewing and advising on trustees powers and duties