Our trust services will give you clarity and peace of mind
The Probate, Trusts and Wills Team at Mayo Wynne Baxter appreciate that trust law can be complicated.
Our highly skilled trust solicitors have between them years of trust management experience and design trusts which protect assets and provide Trustees with enough flexibility to deal with whatever situations arise.
In its simplest form, a trust means one person (the Trustee) looking after assets (such as a house, cash or shares) for someone else (the beneficiary).
Our expert trust services will help you manage these assets, determine the exact needs of the beneficiaries and consider the numerous tax consequences. A well-executed trust can protect trusts assets, and provide Trustees and beneficiaries with a clear understanding of the process involved – and always with the best interests of the beneficiaries in mind.
Manage your trust assets properly
Our team of trust solicitors believe that a Trustee has many defining responsibilities, so they insist that you check every little detail before agreeing to be a Trustee.
Although it seems obvious, a Trustee must always act in the best interests on the trust and its terms. If this is ignored or neglected, then you will be personally responsible for the consequences. However, here are some of the essential duties that you would responsible for:
- To put your position as Trustee first even if that conflicts with other interests
- To manage trust assets wisely, and take advice in all areas where you are not an expert
- To keep trust assets safe, in good condition and insured where necessary
- You can delegate some of your duties, but you remain responsible for your delegate’s actions
- To keep the beneficiaries informed about the running of the trust
To find out more about our trust services, contact the Probate, Trusts and Wills Team today to discuss or arrange an appointment.