Establishing and Running Trusts

Trust Management

At Clarkson Wrights & Jakes, we understand that whilst trust management is an incredibly important legal service, it can often appear overwhelming and incredibly complex to the untrained individual. Thankfully, our trust management lawyers have expertise in this field of the law and are at hand to assist with any trust related legal or administrative issues you may be facing.

Our trust management service encompasses a wide range of legal activities, including trust creation and administration, estate planning and asset protection. Our trust management lawyers take a proactive approach, taking the time to learn the intricacies of your case and provide advice tailored to your specific circumstances.

Our trust management services

Trust creation and drafting

Our lawyers have many years of experience assisting clients in creating trusts tailored to their needs. This service includes the drafting of required documents such as trust deeds and declarations of trust. Our trust management lawyers spare no detail when it comes to specifying the terms and conditions of your trust, working diligently to identify the various beneficiaries, and clearly outlining the trustee’s responsibilities.

Our experienced lawyers will work collaboratively with you to navigate the complexities of the trust creation process, drafting a document that accurately reflects your wishes. Using our services, you can be sure that you and your loved one’s assets and interests are fully protected.

Trust Administration

Our trust management lawyers are also well-versed in managing the everyday operations of trusts, including handling investments, paying liabilities, collecting income, and making sure that the trust remains compliant with legal and tax requirements.

Alongside our expertise, we will also keep you updated at all times, so you will never have to worry about any sudden changes in legislation.

Asset protection

Our trust management lawyers have a wealth of experience when it comes to helping our clients protect their trust assets whilst making sure that they remain compliant with the law.

There are multiple factors to be concerned about when it comes to trusts, such as creditors, taxes, and lawsuits. Our lawyers will provide tailored strategies to help you mitigate any risk to your trust, whilst dealing with any complexities that may arise. We will also work with you to create tax-effective methods to minimise your liabilities.

Trust Disputes

Our trust management lawyers have specialised expertise in handling trust disputes, removing trustees and varying the terms of a trust. We have years of experience dealing with trust disputes, working diligently to keep things outside of the court system. However, should court prove unavoidable, we are more than happy to provide you with excellent and robust representation in court.

Discretionary / Relevant Property Trusts

For general trust management from year 1 to 9 of the trust period, we estimate 1 to 2 hours of time will be charged annually.

In year 10 of the trust period, we estimate 3 to 4 hours will be charged annually.

Additional time may be incurred for: -

• Trust Registration Service update
• Change of trustees
• Change of trust property
• Additional trustee meetings due to change of circumstance
• Distributions from trust and consequent tax return
• Termination of trust and consequent tax return

Interest in Possession Trusts

For general trust management 1-2 hours will be charged annually.

Additional time may be incurred for: -

• Trust Registration Service update
• Change of trustees
• Change of trust property
• Additional trustee meetings due to change of circumstance
• Distributions from trust and consequent tax return
• Termination of trust and consequent tax return

Where the trust holds a property or a share of property, there is a requirement that the trustees arrange an annual property inspection to ensure that it is in good repair/condition.  We would therefore recommend that this is done.  The trustees should also be named as a policy holder on the buildings insurance, so that they are notified of the renewal.

Why choose Clarkson Wright & Jakes trust management lawyers?

At Clarkson Wright & Jakes, we believe that specialised fields of law require specialised lawyers. Our team of lawyers are experts in trust management and have an excellent track record of assisting clients in achieving optimum results in terms of their trust fund.

Our lawyers have a deep combined wealth of knowledge surrounding trust management and have the experience and expertise to handle every single aspect of your trust-related legal issues. We have helped many clients with issues relating to trusts, working diligently and meticulously to ensure that the interests of the settlor and beneficiaries are fully protected.

Working with our lawyers means that your trust is in excellent hands, we pride ourselves on delivering an efficient, effective, and friendly service. We will also keep you fully informed of the status of your trust fund, no matter what stage it is currently in.

Frequently asked questions

What is meant by trust management?

Trust management refers to the overseeing and administration of a trust, a legal arrangement whereby one party (referred to as the trustee) manages assets on behalf of another party (referred to as the beneficiary). There are many responsibilities associated with trust management, for example:

• Investment management
• Asset protection
• Tax planning
• Distribution of assets

When choosing a trust manager, it is recommended to engage with experienced trust management lawyers, as they will have the experience and expertise to protect the interests of the beneficiaries and offer effective strategies whilst keeping the trust in compliance with the various required rules and regulations set by the law.

Trust managers will be responsible for handling the everyday affairs of the trust, as well as ensuring that the trust’s aims and goals are met.

Who is the best person to manage a trust?

There are many options for who should manage a trust, this is normally dependent on the size and complexity of the trust in question. Whilst it is possible to have a family member or trusted friend serve as an individual trustee, in some cases this is not recommended as the role requires a high level of expertise and the ability to fulfil the responsibilities that this role entails.

It is recommended to utilise a professional trustee, such as a trust management solicitor for the management of some trusts. This is because these individuals are highly experienced in this complicated field of law and have the expertise required to adequately fulfil the responsibilities required of them. Furthermore, as trust management lawyers, they will also have resources available to them that an individual trustee would not, making them more suited to the role of protecting your best interests and providing informed strategies tailored to your specific circumstances.

Ultimately, your choice of trustee will entirely depend on the specifics and requirements of your trust, however, it is always advisable to have the guidance of an experienced trust management solicitor when dealing with these matters.

Do you pay inheritance tax on a trust?

There are many misconceptions about the legalities surrounding reducing inheritance tax, and it is highly recommended to consult with an experienced trust management solicitor when attempting to navigate this area of the law.

Trust funds are often set up with the goal of avoiding inheritance tax, therefore increasing the amount the beneficiary will receive. Trusts can also be used to prevent beneficiaries from having unrestricted access to a large amount of money during financial immaturity, divorce proceedings or when going through a period of instability.

However, it is important to note that whether inheritance tax is payable for a trust will largely depend on a multitude of factors, such as the type of trust, the value of the assets and the relationship of the beneficiaries. Our trust management lawyers will discuss the specifics of your case with you and answer any initial queries you may have. We are also able to assist you in deciding what your best options are going forward.

Contact our trust management lawyers

To speak to one of our experienced trust management lawyers, please contact us by calling 01689 887887 or emailing us at cwj@cwj.co.uk. Alternatively, you can use our contact form to request a call-back.