A Trust is an arrangement where you can put assets or money to one side for the benefit of others. These assets are held by someone called a Trustee. It is usual to have more than one Trustee looking after the assets. Trusts can be created to ensure loved ones can be protected especially if they are young or disabled or vulnerable. They can also be used to ensure that a particular asset can ultimately be received by a particular person or for tax planning purposes.
At Guy Williams Layton we have specialised advisors who are members of the Society of Trust and Estate Practitioners (S.T.E.P.) a specialised body dealing with this area of law.
Partners at Guy Williams Layton have acted as Trustees on behalf of clients and also advise Trustees of many other Trusts. This includes the creation of the trusts, their administration and winding up where necessary.
There are different types of trust but they fall into two main categories:-
- Discretionary Trusts
- Interest in possession trusts – sometimes called life interest trusts
We provide administration services for Trustees in the preparation of annual accounts and tax returns and liaise between Trustees and professional advisors on the continuing appropriateness of investments bearing particularly in mind the obligations of Trustees under the Trustee Act 2000 and other relevant legislation.