Collyer Bristow helps clients set up and administer trusts both in the UK and overseas. We also advise individuals and trustees on ongoing management of existing trusts, including changes of trustees, restructuring and taxation. A trust may be set up for many reasons - e.g. to protect business assets, to protect a disabled child, to give money to children or grandchildren without their having control and/or to defer or manage tax liabilities.
The trustees' duty is to manage the trust assets for the benefit of the beneficiaries.
- Trustees on their duties and how they should exercise them - perhaps finding a fine balance between two beneficiaries with competing interests.
- Beneficiaries on their rights - e.g. whether they are entitled to money from the trust, whether they are entitled to accounts, what they should do if they disagree with the trustees.
- Trustees on the management of trust assets, by liaising with advisers on stock exchange investments, property, cash or chattels.
- Trustees on the administration of the trust. We will keep records, prepare accounts and tax returns.
- Occasionally there are disputes between trustees and beneficiaries about the management of trusts. We have longstanding experience in helping resolve disputes. Our section on Trust and Will disputes explains more about this.
Please contact a member of the Tax & Estate Planning team for more information about how we can help you.