A Trust is an arrangement where a group of people called Trustees must look after something (like money or property) for other people called Beneficiaries. It is possible for someone to be both a Trustee and a Beneficiary of the same Trust.
Why might you want a Trust?
- To look after your partner but ultimately to protect your children.
- To plan for care fee costs.
- Because the Beneficiaries are not yet old enough to manage a large inheritance.
- To avoid inheritance tax being paid generation after generation.
It’s easy for Trusts to go wrong, whether it’s Trustees being difficult, tax not being paid, or nothing being done at all.
At Deo Law, we not only specialise in creating Trusts but we also advise Trustees of existing Trusts. Preparing a set of Trust Accounts, arranging the tax return, or simply helping with an annual meeting to see how the Trust is getting on, we’re happy to help with all aspects.
Unlike our fees for Wills and Lasting Powers of Attorney, our fees for Trusts are not fixed. The level of work that you’d like us to do will determine how much it costs. For example, running a Trustee meeting and preparing the follow-up minutes will be less work than untangling decades off unreported tax!
Whatever the work, we will make sure to give you as accurate an estimate as we can from the outset.