Trusts and estate planning

Our trust and tax administration team manages a large number of family trusts, dealing with their day-to-day management and other issues.

The team also assists with the accounts for a wide variety of estates looked after by our Private Client team. This includes helping individuals to prepare their personal tax returns.

We offer practical, clear advice on how to structure your property, financial and family affairs to ensure that your estate passes to your intended beneficiaries in the most tax-efficient way after your death.  

We’ll listen to your concerns and wishes, and offer thoughtful advice which you can rely on for the future, giving you peace of mind.

Trust law is complex. We have the expertise and experience to provide valuable advice that works for you.

We can help with all aspects of trusts including:

Creation of Lifetime Trusts

You may need this if you have:

• significant pensions or life policies and your children are under 18 years old
• company shares which may attract Business Property Relief
• surplus income
• a vulnerable family member
  
  

Advising trustees

Trustee duties and powers can be daunting. We can advise trustees on how to manage trusts and fulfil their role effectively. For example:

• On the rapidly changing legislation governing trusts such as the Annual Finance Acts.
• Liaising with beneficiaries on matters such as income or capital distributions, providing certificates of deduction of tax and income schedules.
• Advising on the reporting requirements for trusts including the Trust Registration Service, Common Reporting Standard, and FATCA Producing annual trust accounts and estate accounts
• Completing and lodging annual trust, estate, and personal Tax Returns, including payments on account of tax
• Assisting with complex Capital Gains Tax calculations for complex assets, often including residential property or for non-resident individuals requiring 30 day reporting
• Dealing with inheritance tax events such as appointments of capital
• Day to day bookkeeping such as recording entries of income and capital events
• Liaising with other professional advisors on behalf of trustees (or beneficiaries) regarding trust assets (e.g. property managers, investment advisors)
  
  

Advising beneficiaries

Beneficiaries often need advice regarding:

• their entitlement from a trust; and
• what they should expect from the trustees
  
  

Recognition of trusts in other jurisdictions

If you own assets in foreign jurisdictions, our lawyers will work closely with lawyers qualified in that jurisdiction to advise on the succession and tax treatment of foreign trusts.

If that jurisdiction does not recognise the English common law concept of a trust, we can advise on solutions for your case.

Non-resident trustees must take specialist advice.

Reviewing existing trusts

Trusts can come into existence:

• on an unexpected death,
• by a Will; or
• set up during a person’s life
  

Often a family trust can run smoothly for many years. However, we can review the terms, purpose and taxation of your trust, to determine whether it remains appropriate for you, taking into account the nature, value and location of the trust assets, the circumstances of the beneficiaries and the tax regime currently in force, whilst also honouring the original intention of the person who set up the trust.

Our advice is tailored to your specific needs and we always aim to provide solutions which are both workable and cost-effective.

We work closely with colleagues in our experienced property and family law departments to ensure the best service for you.

We can advise you on:

• Advise on legitimate trust structures which may result in tax efficiencies, but avoid artificial schemes where there is ambiguity regarding HMRC recognition or treatment.
• Advise and clarify the law, rebutting some of the urban myths of using of trusts to save tax. For example, it is generally not possible to save tax by transferring your home to a trust whilst continuing to live in it, unless you pay a market rent.
• Advise on trust structures established by other professional advisors who may no longer be in practice and review your overall financial and family circumstances to advise on what is best for your individual situation and circumstances, to maximise tax efficiency and simplify unnecessarily complex arrangements.
• Advise on international cases involving foreign jurisdictions and cross-border issues.
• In addition to our trust management role, our trust corporation, Russell-Cooke Trust Company is available to act as executor or trustee professional trustee for many trusts.

Industry expertise 

Our friendly, approachable team is very experienced and highly-regarded in its field, with members regularly contributing to major text books in the area such as Butterworths' Wills, Probate and Administration Service.

Members of our trust and tax administration team have  an accountancy background and work closely with our Private Client lawyers. We have the expertise, specialism and flexibility to offer a bespoke service based on your individual needs.

Our team members belong to professional organisations such as the Institute of Chartered Accountants in England and Wales (ICAEW), the Society of Trust and Estate Practitioners (STEP), the Association of Tax Technicians (ATT), and The Association of Lifetime Lawyers.

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Charges are usually based on:

• Based on time spent dealing with your matter at our hourly rates;
• plus administrative charges; and
• disbursements

We’ll provide you with an initial estimate of your likely legal costs and update this if your requirements or the circumstances of the work change.

We’d be pleased to discuss your requirements and produce an estimate of costs  based on the type and complexity of the work involved.