Trusts
A trust is a means by which property is held and looked after by
one or more person (trustees) for the benefit of others
(beneficiaries). A trust (also called a settlement) can sometimes be
set up during your lifetime for the purpose of receiving gifts of
property, for example if you want your children to have an income when
they reach 18. It can also be part of a will and would then only come
into force on your death.
As a result of recent government activity we have received many enquiries from our clients asking whether trusts are still effective. We have been able to reassure them that they are and that trusts are still a tax efficient way of protecting your assets.
Protecting your assets
Trusts remain a valuable method of sheltering and preserving assets
particularly for the benefit of children or grandchildren but expert
advice is essential. When setting up a trust careful thought needs to
be given to the selection of trustees and beneficiaries and also
liability to inheritance tax, capital gains tax, income tax and stamp
duty land tax. We have many years experience in these areas.
To set up a trust we will arrange not only an initial face to face interview but also full advice and a report dealing with all these issues. Once a trust has been set up it cannot be ignored. Trustees have a responsibility to preserve and enhance the value of the trust assets and are answerable to the beneficiaries if they fail to do so. We currently administer more than 20 active trusts and are able to advise trustees on all aspects of trust administration.
For all trust and tax planning enquiries, please contact colin.thorpe@taylorwillcocks-cheam.co.uk.