Trusts

child icon

A Trust is not just for the wealthy, a Trust can be used by anyone wishing to plan ahead.

Trusts are a legal arrangement whereby assets are placed into the care of an individual who manages them for the benefit of someone else. For the person placing the assets into the Trust, they know that they are being properly looked after.

They can be used in several ways from financing educational costs, providing maintenance to children, grandchildren or other relatives or simply planning to pass wealth through generations. Examples of the different types of Trusts can be seen below:

  • Bare Trusts: Assets placed in the Trust are held in the name of a Trustee, yet the beneficiary has the right to all Trust capital and income when they turn 18 (or 16 in Scotland).
  • Interest in possession Trusts: The beneficiary receives income generated by the Trust but is not entitled to the underlying assets.
  • Discretionary Trusts: The Trustees have absolute power over how the Trust assets are used and distributed.

At Dunkley’s we have considerable experience in advising on the creation of new trusts and managing existing arrangements including:

  • The creation and ongoing support of existing trusts
  • Ensuring trusts are structured correctly and tax efficiently
  • Maximising claims for Business Property Relief
  • Preparation of annual trust accounts
  • Preparation of annual trust & estates tax returns
  • Advising beneficiaries of their position and making claims for tax repayments where possible
  • Calculation of any entry and exit and 10-year charges for the trust

To discuss how Dunkley's can help you with all aspects of Trust planning, set up and taxation, please contact us today.