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

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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
2024-01-22
Liam Wolley dealt with the sale of my stepmother’s property in 2021/2022 efficiently and with great care and sensitivity. In 2023, Rebecca Padgett dealt with obtaining probate for my stepmother's will. Again, this was dealt with efficiently and with sensitivity. I would very happily recommend Thorne Segar.
Jill Coppin
Jill Coppin
2024-01-06
We had a difficult Intestacy when my Father died and his will was not valid. Rebecca dealt compassionately, patiently and professionally with what could have been a very acrimonious affair. From our first meeting with Rebecca we had total confidence that she could and would deal with this situation. At every step of the way she kept us fully updated and all parties were kept aware of all of the possibilities that may or may not occur. We had total faith in her throughout. Her advice was invaluable and at no time did she give us cause to doubt her. A situation that shocked us was made so much easier by Rebecca's total Professionalism. When we were finally able to sell my Father's flat there was absolutely no doubt in our mind that Thorne Segar could deal with this too - and they did in the same first class manner. Its a great pity that we can't give Thorne Segar more than five stars.
James Waterman
James Waterman
2024-01-04
Our recent property sale was dealt with very efficiently by Liam. Nothing phased him and we felt reassured by his calm approach to every issue posed by the purchaser’s solicitor. We have had several matters handled by Liam and the rest of the team at Thorne Segar and our experiences have all been positive. In all legal matters they are our ‘go to’ provider.
Derek Smith
Derek Smith
2023-10-31
Earlier this year we consulted Thorne Seagar in Minehead about preparing Wills for myself and my wife. We had an interview with Iestyn who we found very helpful and knowledgeble about Wills. We were very impressed with how they advised us on what can be a very tricky subject to deal with. We now have our Wills and peace of mind it is all sorted. We would certainly recommend and use this Solicitor again.
Georgia Bacon
Georgia Bacon
2023-02-27
House Sale: I was apprehensive about using a solicitor for the first time, but found everyone I met or spoke to at Thorne Segar was approachable and helpful, ready to translate anything technical or tricky into terms I could understand, and help me appreciate the implication of anything I was asked about or asked to do. A good experience, thank you Liam and the team.
Ian Bailey
Ian Bailey
2022-11-22
Friendly professional service highly recommended solicitors
Margaret Keddie
Margaret Keddie
2022-11-10
Very impressed with anyone at Thorne Segar, we moved from Lancashire to Minehead, they always kept us informed any problems were dealt with efficiently, they took a lot of stress out of the move.
Marg jeffries
Marg jeffries
2022-08-20
Very friendly staff and efficient. Liam Wolley kept us informed when purchasing our new place. Very happy with service received
Chris Ryan
Chris Ryan
2022-08-12
Excellent -efficient service all return calls as promised kept updated on all aspects of buying and selling property. recommended
Barneys Mum Stoneham
Barneys Mum Stoneham
2022-08-11
Recently used Thorne Segar to update our wills. Very efficient service with help support and advice. Would highly recommend.