Blog
Will Trusts – Who to appoint as trustees
Stephanie Mooney
Settlors, trustees and beneficiaries need specialist trust law advice to navigate this increasingly complex area. We combine expert academic knowledge of trust law with a practical approach to deliver complex advice in a clear, timely and personable way.
Trusts are not always simple, but used in the right way with proper management they can be excellent vehicles to achieve a controlled and flexible transition of wealth. They can be used as part of a long-term tax-planning strategy, but they can also have a multitude of commercial, family and succession benefits.
We advise regularly on the following aspects of trust law
- Creation of trusts
- Distribution of trust assets
- Termination of trusts
- Tax planning and the tax implications of actions
- Specialist trusts such as disabled persons trusts or maintenance fund settlements
- Trustee powers, duties and responsibilities
- Trust tax and administration
- Trust compliance and registration
- Changes of trustee
- Applications to the Court to vary a trust
- Trustee risk management
- Trust disputes
Changes to the taxation rules mean that the creation of most UK trusts in lifetime will have inheritance tax consequences resulting in immediate tax charges. However, there remain opportunities for their creation and we are often called upon to advise on that, as well as the administration and interpretation of existing trusts, and their associated tax issues.
As long-term entities, trusts match well with advisers who take a long-term approach and take the time in getting to know their clients’ lives. This is an approach and ethos that is fundamental to our way of working and is appreciated by our clients. We advise settlors, protectors, trustees, beneficiaries and interested parties of private family and charitable trusts, both in the UK and abroad, frequently as long-term advisors.
As a firm we encounter trusts in almost all our practice areas, which ensures that we can draw on our wide and diverse experience in dealing with the specific challenges faced.
The private client team provides a trust-advisory service in non-contentious circumstances, but can call on the expertise of the Dispute Resolution and Family teams, who also have trust specialists where the circumstances are or become contentious.
Frequently Asked Questions
Aren’t trusts just used for tax avoidance?
Not at all. Trusts are used in many scenarios and are widely considered to be the pre-eminent vehicle for long-term asset protection, protecting against common crisis scenarios such as bankruptcy and divorce. They are commonly seen in commercial situations.
What types of trusts are there?
- Bare trusts
- Life interest trusts
- Discretionary trusts
- Vulnerable Persons trusts
- Charitable trusts
- We frequently advise on all these types of trusts.
What to do if I have a claim against a trust or am a trustee worried about?
By their nature, disputes over wills, trusts, estates and inheritance often occur at times of emotional vulnerability and distress. Bringing or defending such claims is especially demanding and can become acrimonious and fraught very quickly.
Seeking expert legal advice at an early stage to help resolve matters can therefore be crucial and can potentially avoid litigation and costly court proceedings.
We act for trustees, executors, personal representatives, protectors, beneficiaries, charities and for individuals in a wide range of disputes involving estates, trusts and land. Click here to read our frequently asked questions about trust disputes.
Why instruct the private client team at Kingsley Napley for your succession planning needs?
Our team is made up of numerous STEP [and professionally ranked] qualified lawyers who have vast experience in the creation and administration of trusts. We have significant experience in the formation of private trust companies, charitable trusts, and foundations, and are well versed in the relevant associated tax requirements.
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Sophie Voelcker
Partner
Paul Davidoff
Partner
Jemma Garside
Partner
Simon Hardy
Partner
Stephanie Mooney
Partner
Charles Richardson
Partner
Kiran Vasudeva
Partner
Sophie Voelcker (Français)
Partner
Joseph Austin (Français)
Legal Director
Joseph Austin TEP
Legal Director
Sophie Cook
Senior Associate (FCILEx)
Lauren Eyre
Senior Associate
Sameena Munir
Senior Associate
Diva Shah
Senior Associate
Peter Black
Consultant
Lucy Bluck
Associate
Milena Busby
Associate
Laura Harper
Consultant
Melissa Joseph
Associate
Lewis Kendall
Associate
Flora Nelmes
Associate
Conor Billeter
Senior Paralegal
Prabhjot Manak
Paralegal
Jamie Watts
Senior Paralegal
