Trusts have been long accepted in English law to allow people to hold assets to carry out defined purposes. They are used for seemingly limitless purposes: charities, pensions, investments, employee trusts, Wills, land ownership to name some. Private trusts are commonly used to protect assets or to mitigate tax.
It is important to obtain good advice when establishing a trust. A private trust should be designed to accommodate altering family needs and changes in taxation.
The task of the trustees is onerous and it is important they take good advice to avoid mistakes and in some cases to escape personal liability.
Levels of service
Some people may feel able to deal with most of the administration themselves. We are happy to provide the level of service to suit the circumstances. But well timed legal advice and help could save a lot of time and trouble as well as reduce tax, perhaps substantially.
Complex matters may arise in the course of trust administration. There may be tax issues. It may be necessary to consider the trust powers and provisions. There may be competing demands from beneficiaries.