Trusts

Trusts are used for a variety of purposes.  In tax and succession planning, a trust can be used to pass assets to a beneficiary while retaining a degree of flexibility or control over those assets.

Trusts can also be used to protect beneficiaries who are vulnerable, due to their age or a disability, or to protect assets from the risks of divorce or bankruptcy claims.

Stronachs’ private client team has significant expertise in the creation of trusts, advising on which type is best suited to your circumstances, supporting its creation and the legal transfer of assets, as well as dealing with all issues of tax compliance with HMRC.

Transferring assets has consequences - tax will arise during the life of the trust, and also on the winding up of the trust. Trustees must also prepare accounts detailing funds received and funds paid out, and submit tax returns. Our team can prepare those accounts and tax returns for you, or provide your existing tax and accountancy advisers with the information they require if they wish to do so.

We work with investment managers on investing assets to meet the trust’s needs, and manage payments to beneficiaries, for example to pay education fees for a grandchild. At the end of a trust we will advise upon transferring assets out of the trust to the intended beneficiaries.

Some trust assets may require the input of our colleagues in other departments, for example, we would ask our corporate team for assistance if the trust holds shares in a family company.