Managing a Trust
We specialise in trust management and work with you to ensure the trust is managed properly, the trustee duties are fulfilled and the beneficiaries are cared for per the trust provisions. If you are a trustee, you can be responsible for the trust even after you step down. Your duties don’t automatically end, so it’s important to manage and administer the trust correctly to avoid future issues.
Our Trust Management Service — Working with Trustees
Trusts are legal entities where named persons (“trustees”) hold assets for the benefit or on behalf of others (“beneficiaries”). Establishing trust is a great way to preserve wealth for future generations and ensure your loved ones’ needs are met according to your wishes.
We are highly experienced in trust management, including discretionary trusts, Will trusts, and life interest trusts. We can also help you manage specialist trusts like charitable trusts, trusts of damages, and trusts for disabled beneficiaries.
Our trust management service includes;
- Working with the trustees to make sure the trust objectives are being followed correctly
- Making sure all the trust management compliance is dealt with, including trust tax returns, trust investment policy statements, managing trust accounts, trust planning, trust payments and distributions to beneficiaries
- Checking trust key dates so trustees can plan ahead
- Helping trustees with choice of investment advisor and management of investment advisors
- Ensuring trustee duties are properly performed so trustee liability is managed
- Providing regular updates to trustees.
We offer flexible trust management support tailored to your needs. Whether you need expert advice on demand, a trust management retainer for ongoing guidance, or a co-trustee partnership to share responsibilities, we’re here to help. Our experienced team ensures your trust is managed efficiently and in full compliance with legal obligations. Contact us today by phone or email, or make an enquiry to discuss your requirements.
Why Choose Us for Trust Management
You will have a named solicitor who specialises in managing trusts to look after you. We do all the trust administration for our offices in central Brighton and do not outsource any of the services. Burt Brill & Cardens Solicitors guarantees prompt, expert service. We will give you advice in plain English and tell you what to look out for because trustees have strict legal duties and are held to high standards by the courts. This is why we help our clients with trust management to ensure it’s handled correctly so the trustees are not held responsible for any losses.
There are three common types of trusts, each with its own tax rules and ways in which it’s managed. Trusts are frequently established with tax planning in mind, aiming to leverage advantages and mitigate disadvantages, such as inheritance tax. These tax strategies may require adjustments over time due to changes in legislation. In recent years, significant changes have been made to trust taxation rules, necessitating careful consideration.
We understand the tax rules affecting trusts and can advise upon trust management tax issues, help with payments to beneficiaries, and liaise with trust investment advisors. We can also advise on capital gains tax, income tax, investment returns and tax planning for trust distributions.
As a trustee, you will have to approve our legal fees so you remain in control. We can provide annual or project budgets so there are no unpleasant surprises regarding legal fees. Legal fees are usually payable from the trust funds, not from the trustees’ pocket.
How Do I Set Up a Trust?
Setting up a trust involves several key steps and requires careful consideration to ensure it meets your specific goals. We’ll help you set up the right Trust for your needs. Visit our website to learn more about establishing a Trust in the UK.
Contact us without delay to check your existing Trust arrangements. We can ensure your new Trust is set up properly if you need changes. We are very experienced in setting up and managing trusts so we know the many issues to look out for and how to deal with them. Ring us on 01273 604 123, email us at enquire@bbc-law.co.uk or make an enquiry.
Managing a Trust: Frequently Asked Questions
A trust is a legal arrangement in which a person (the settlor) transfers assets to trustees, who manage them for the benefit of beneficiaries. Trusts are used for estate planning, asset protection, tax efficiency, and providing for loved ones, including minors or vulnerable individuals.
- Settlor: the person who puts assets into a trust
- Trustee: the person who manages the trust
- Beneficiary: the person who benefits from the trust
- Trust deed: where the details of the arrangement are laid out
- Trust fund: the assets placed in the trust.
If you are a trustee, you are legally responsible for ensuring the trust is managed correctly and in accordance with all previous UK public acts on trusts, most recently the Trustee Act 2000, as well as extensive case law.
Trustees must:
- Act in the best interests of beneficiaries at all times.
- Manage trust assets responsibly and avoid unnecessary risk.
- Keep accurate records and report to beneficiaries when required.
- Comply with tax and legal requirements, including filing trust tax returns.
- Failing to fulfil these duties can lead to personal liability for any losses.
Yes, solicitors can be appointed as professional trustees. This ensures the trust is managed impartially and correctly, reducing the risk of disputes and ensuring compliance with legal and tax obligations. Learn more about trustee appointments and conflicts of interest.
If a trustee mismanages the trust, they could be personally liable for any financial losses. Seeking professional advice from a solicitor helps minimise risk and ensures the trust is managed correctly.
A solicitor can assist with various types of trusts, including:
- Bare Trusts — where assets are held for a beneficiary who has full entitlement.
- Discretionary Trusts — where trustees decide how to distribute assets among beneficiaries.
- Life Interest Trusts — providing income for one beneficiary while preserving capital for others.
- Protective Trusts — safeguarding assets for vulnerable individuals.
Yes, trusts can be subject to Income Tax, Capital Gains Tax and Inheritance Tax. Solicitors help ensure trusts are structured in a tax-efficient way while complying with HMRC requirements. Read further information about how trusts are taxed.
Trusts can last for a specific period or until a beneficiary reaches a certain age. Some trusts, like discretionary trusts, can last up to 125 years unless the trust deed states otherwise.
In some cases, a trust can be amended or terminated, depending on the terms in the trust deed and the type of trust. A solicitor can advise on whether a trust can be changed and what legal steps are required.
Solicitor fees vary depending on the complexity of the trust and the level of support required. Fees can be fixed, hourly or a percentage of the trust’s value. It’s best to discuss costs upfront with your solicitor.
Emily Shearing
Emily is a Director and Head of Wills and Trusts within our Private Client Department.
Read More About EmilyBurt Brill & Cardens are a firm that my family & I have used for all manner of family and business matters since 1974. They offer a thoroughly professional and efficient service and I would thoroughly recommend them.
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Speak to one of our solicitors today. We would love to hear from you and discuss any legal issues you may have and how we can assist you.
