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Being appointed as a trustee can sometimes be a daunting role and one that may follow on from you being appointed as an executor in a will.
The duties of a trustee can prove onerous and complicated and you may not know what powers you have and how you are supposed to carry out your role. We have an experienced team who are able to offer a full range of accounting and administrative services to assist the trustees of UK resident trusts whilst reducing the burden on them.
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In acting for trustees we would:
- maintain contact with trustees, beneficiaries and any investment managers instructed
- make distributions to beneficiaries and advise them on any tax liability on the distribution
- maintain trust records
- prepare annual accounts
- regular review the trust objectives
- regularly meet with the trustees and advise them on any issues that might occur during the administration of the trust
- complete tax returns and ensuring compliance with HM Revenue & Customs' legislation in respect of income tax, capital gains tax and inheritance tax
- ensure trustees are fully aware of their responsibilities and duties
- advise on legal and tax planning issues as they arise
- advise on what to do if the trust comes to an end or the status of the trust changes
To find out more about trusts please contact one of our specialist lawyers by email or call us on 020 7222 5381.
