Trust Solicitors
Our trust services will give you clarity and peace of mind, we regularly advise on the creation and day to day running of trusts for a wide variety of clients including settlors, trustees and beneficiaries of trusts.
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Award winning trust solicitors
Trusts are often feared for being overcomplicated and outdated. They are not always simple, but they remain important and are helpful vehicles to help with the controlled devolution and preservation of wealth and to protect vulnerable people. Our highly skilled trust experts have many years of trust management experience between them and prepare trusts which protect assets and provide Trustees with enough flexibility to deal with whatever situations arise.
Our approach is always to consider how useful and appropriate a trust is to individual circumstances. When it ceases to be useful, we advise on a trust’s efficient termination.
Trusts are used for the following purposes:
- Mitigate and plan for Inheritance Tax for the benefit of future generations
- Protect vulnerable or financially irresponsible beneficiaries
- Protect inheritance from potential divorce or bankruptcy
- Catastrophic or personal injury compensation protection and management
Our expert trust services will help you manage these assets, determine the exact needs of the beneficiaries and consider the numerous tax consequences of setting up and running a trust. A well-executed trust can protect trusts assets and provide. We can offer trust advice relating to many areas including:
- The creation of trusts such as discretionary trusts, personal injury trusts, life interests trusts, disabled persons/vulnerable beneficiary trusts
- Distribution of trust assets
- HMRC Trust Registration Service (TRS) requirements
- Termination of trusts
- Trust reviews and reorganisation
- Tax
- Trustee powers and duties
- Retirement of or removal of trustees
- Appointment of trustees
- Applications to the Court to vary trusts
- Trust Accounts and HMRC returns for income and capital taxes
Manage your trust assets properly
Trustees can often carry personal liability for actions they undertake in their role so it is essential they seek advice before they take any action which could be to the detriment of the beneficiaries. Trustees with a clear understanding of the obligations and powers they possess to effectively manage the trust assets which they must always do with the best interests of the beneficiaries in mind.
Although it seems obvious, a Trustee must always act in the best interests on the trust and in accordance with its terms. Here are some of the essential duties that Trustees must abide by:
- 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
Agency Trust drafting service for Accountants and Financial Planners
Our solicitors regularly draft bespoke trusts and associated deeds for accountants and financial planners subject to their individual tax planning advice, contact us today to find out more.
Contact us
To find out more about our trust services, contact our team today to discuss or arrange an appointment.
Why choose Mayo Wynne Baxter's legal services
Our award winning legal advisors specialise in helping individuals and families manage their legal affairs.
- Award winning department
- Offering a personal touch to all our clients
- Providing compassionate support and guidance, ensuring peace of mind for clients
Trusts FAQs
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 trust solicitors appreciate that trust law can be complicated which is why we are with you every step of the way.
What to expect when you contact us
- Once you have completed the contact form or called us, our client service team will call you back, to ask a few questions including your preferred method of contact. This information is then passed directly to the Legal Adviser who will be working for you. Once you are happy to proceed we will gather all the relevant information and your file will be opened almost immediately so we can start work.
- A member of the Client Service Team will keep in contact with you on a regular basis throughout your transaction, to make sure you and them are satisfied with the progress of your matter. There is no additional charge to you for their involvement.
- We are here to assist you and ensure everything proceeds as smoothly as possible. You will have direct contact details for the client service team, who you can contact at any point during your matter.
Our aim is to make the process as easy and uncomplicated as possible for you.