Trust Administration & Disabled Person’s Trusts

Deeds of Appointment & Retirement

 

Trusts can be setup to provide income for specific beneficiaries whilst protecting the capital for other beneficiaries. They can also be set up to manage assets for children, the disabled or indeed anyone.

Disabled Persons’ Trusts can be used to provide for their specific needs without affecting their benefit entitlement. Trustees are appointed to manage the Trust Fund and administer the Trust when it ends.

Trusts for Minors can hold funds for children and young people until they reach a specified age.

Historically Trusts were employed for Inheritance Tax Planning, but are used less and less these days. Whilst Trusts can be very useful they tend to be expensive to administer, and necessitate complicated tax regimes.

Thorne Segar provides the necessary detailed advice and a complete service to establish and administer Trusts. We are frequently called upon to act as professional Trustees to ensure the trust is operated with the necessary expertise and impartiality. And also provide expert guidance regarding comprehensive Inheritance Tax and Capital Gains Tax planning.

Types of Trust:

  • Life Interest Trusts
  • Disabled Person’s Trusts
  • Discretionary Trusts
  • Nil Rate Band Discretionary Trusts
  • Trusts for Minors

FEES: 

Please get in touch for a free initial consultation.

General trust advice – one hour appointment – £245+VAT

Creation of Life Interest Trust – £1,250+VAT

Creation of Discretionary Trust – £1,750+VAT

Creation of Disabled Person’s Trust – £1,750+VAT

Trust Administration – from £950+VAT upward per annum

Fees for Deeds of Appointment and Retirement range from £475 – £900+VAT provided the rules and constitution are supplied at the same time

Deeds of Appointment and Retirement of Trustees for a club/association – £900+VAT

Preparation of Trust Inheritance Tax Return – £575+VAT

Deed of Appointment to terminate a Trust – £685+VAT

Termination of Trust – £2,500+VAT

Fees are quoted in advance and are fixed – with no hidden extras

Trusts for Clubs and Associations

We can prepare a Deed of Appointment and Retirement of Trustees for clubs and associations to operate in accordance with the club’s rules or association’s constitution. Changes of Trustees are often required and the club/association’s property often has to be held in the Trustees’ names.

Fees for Deeds of Appointment and Retirement range from £375 – £850+VAT provided the rules and constitution are supplied at the same time.

FAQs

Can I avoid Inheritance Tax with a Trust?

This is no longer the case following a tax regime change in 2006. The tax regime for Trusts is now very complex.

Can I get assets (or funds) out of a Trust?

It depends on what type of trust it is. The trust deed needs to be considered first to establish who is entitled to what and whether the Trustees have the power to distribute assets.

It needs to be bourne in mind that it is easy to put assets into a trust, but not so easy to withdraw them. Often when assets exit a trust, inheritance tax is triggered. Capital Gains and Income Tax also need to be considered.

Therefore, obtain professional advice before putting assets into trust to ensure it is the right thing for you to do. There are lots of trust companies which actively encourage people to put assets into trust and it is not in the person’s best interests.

Obtain professional advice before extracting funds from a trust. If you are a Trustee you could become personally liable for any tax if you have distributed the trust fund and not retained sufficient money to cover any tax.
Trusts can be a useful way of providing for beneficiaries and protecting assets however it is important to obtain professional advice first.

Why not leave a legacy directly to a Disabled Beneficiary or another family member to take care of?

There are sometimes concerns about a Disabled Beneficiary’s ability to manage money and the receipt of a legacy could affect their benefit entitlement.

People sometimes leave money to other children to take care of a disabled beneficiary but if anything happens to them (e.g death or divorce) the money could be at risk and no real provision made for the beneficiary.

Free initial consultation

Call or email now:
01643 703234

enquiries@thornesegar.co.uk

CALL BACK REQUEST


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trusts can provide a wide range of advantages but their administration can be complex. Issues such as Tax, Trustees’ responsibilities and what happens when the Trust is no longer needed must be fully understood.

GOOGLE REVIEWS

David Simpson
David Simpson
2022-05-15
Liam Wolley dealt with the sale of my mother’s property, following her move into a retirement home, efficiently with great care and sensitivity. Would happily recommend Thorne Segar’s conveyancing service to others.
rod dover
rod dover
2022-04-07
Thank you very much for an efficient service. Job done and thank you very much to all concerned.
Tracy Lynch
Tracy Lynch
2022-02-15
Very helpful and friendly. Would highly recommend.
Richard Allen
Richard Allen
2022-02-14
My wife and I received a truly first class service in engaging Thorne Segar, in the persons of Iestyn Milton-Jenkins and Tina, to set up Power of Attorney for us. We really felt that they had our best interest at heart and valued us. Now that all has been arranged we have every confidence in their sincerity and professionalism, and are meeting them soon to arrange the updating of our will.
Ali Sanderson
Ali Sanderson
2022-02-10
I highly recommend Thorne Segar. Solicitors and office staff alike have been extremely helpful through a difficult time, explaining everything that we needed to know clearly, with kindness, understanding and efficiency.
Nigel Coates
Nigel Coates
2021-12-14
Liam Wolley at Thorne Segar handled two recent property purchases for us. The best service ever in 50 years of such transactions. Wholly professional, tenacious, responsive and helpful. Exemplary.
Mark Terrett
Mark Terrett
2021-12-02
Requirements and options well explained in layman's terms ,easy to understand. Listened to what we wanted to achieve and responded in a timely and professional manner at all times. We would not hesitate in using this company again.
Peter Tallack
Peter Tallack
2021-10-06
Our first dealings with Thorne Segar were after a close family friend had nominated us as his POA and executor for his estate shortly after his wife had passed away. In the following twelve months we had to make just about every decision a POA and executor dreads having to make. Throughout this process Thorne Segar were excellent, we cannot sing their praises enough, from our first dealings with Lestyn drawing up the POA who explained this process thoroughly and in plain English (with a slight Welsh accent) to his PA Tina who was always available to help and form a good line of communication with Lestyn. After the sad but inevitable ending to a long and happy life, Thorne Segar were there again to help guide and advise. Rebecca then took the reins to deal with the probate and Paul dealt with the conveyancing aspects of the house sale. This process for various reasons was not straight forward, but all the complications were dealt with without fuss or undue delay for which we are most grateful. I hope the best compliment we can make of Thorne Segar is that although we are not local, we intend to ask Thorne Segar to put our family POA's in place.
David Archer
David Archer
2021-08-30
The service provided by Thorne Segar in connection with the sale of a property has been excellent. The communication has been very good and clear which made the whole process so much easier. I would certainly recommend Thorne Segar’s services to others.
Duncan Brown
Duncan Brown
2021-08-12
Listened carefully to what we wished to achieve with our final wishes. Explained any points we didn't understand/grasp, in some cases explaining several times until we fully understood the legal terms and their implications. Very happy with the outcome and the professional and friendly way we were dealt with. Wouldn't hesitate in recommending Thorne Segar to anyone needing the services they provide.