What to do with a Will with a Trust

Our Trusts team were approached by executors who had been appointed as trustees of a Trust that was created by the terms of the Will. They had never acted as trustees before and we were able to help explain to them their role, how the trust works, what their powers and duties are and the tax consequences of the Trust.

As there were changes in the law since the Will was made there were various options available to the trustees and we were able to advise them about these. They decided to keep the Trust and so we helped them with the initial set up including helping them instruct a financial adviser to assist with the investment of the assets and registering the trust with the HMRC.

The trustees felt much more confident in their role going forward and knew they had got off on the right foot.