It is common for Trusts to arise under the terms of a Will and therefore the trustees duties will commence once the executors have finished their role.
The terms of the Will may have provided for assets to pass to a Trust in a number of circumstances such as:
- Where there is a second marriage and the deceased wished to provide for their spouse but also to protect assets for children from their first marriage;
- For tax planning purposes by providing for a legacy to a Discretionary Trust;
- To protect vulnerable beneficiaries where it may be unwise to leave money outright to them as it most likely would be open to abuse.
At this point it is important that the trustees get off on the right foot, and ensure that their duties are fulfilled and the proper records are kept from day one.
We can help ensure this is the case by assisting with the following:
- Reading through the Will to understand and explain the terms of the Trust;
- Explaining to the trustees the extent of their duties and the requirements of the Trustee Act 2000;
- Gathering together all necessary details and identification evidence for the beneficiaries;
- Assisting in the instruction of other professionals such as financial advisors or accountants;
- Registering the Trust with the HMRC.
After making sure that the commencement of the Trust is completed in a timely manner, we are able to assist the trustees going forward in their role. Please visit our trust administration page to find out more.
If you would like to find out more about the commencement of a Will Trust, please speak to a member of our team.
Job Title: Partner
Phone: 0161 475 7687