UK fiduciary services

Classic Trusts

Discretionary Trust is an extremely flexible vehicle where the Trustee will have broad powers to administer the trust assets in the best interests of the beneficiaries and determine how and when capital and income will be distributed - the creator of the trust (known as the ’Settlor’) can provide separate guidance as to his/her wishes regarding administration of the assets.

Interest in Possession Trust (IIP) enables the primary beneficiaries have the right to receive net income or enjoy trust property for a defined period or their lifetimes, as determined by the Settlor when the Trust deed is drawn up, with secondary beneficiaries taking benefit of income and capital only when the IIP ceases.

Specific Planning Trusts

Family Inheritance Trust is an estate planning trust where the assets are held for the benefit of the Settlor’s children, grandchildren or other beneficiaries, using the Settlor’s available nil rate band exemption allowance for UK Inheritance

Maintenance of Dependants Trust is created for the benefit of the Settlor’s children, grandchildren or other beneficiaries, using the Settlor’s available nil rate band exemption allowance for UK Inheritance Tax.

Normal Expenditure out of Income Trust, unlike the Maintenance of Dependants Trust, there there are no restrictions as to who can be a beneficiary of this type of trust. For gifts in to trust to qualify under this inheritance tax exemption, these must be made as part of the Settlors normal expenditure; out of income, with sufficient income retained to maintain his/her usual standard of living.

An historic pattern of regular giving or a commitment to gift future income regularly is also required.

Philanthropic Trusts

Charitable Trusts make provision for charitable intentions. Created during the Settlor’s lifetime with no tax implications when transferring cash or assets into a trust, there may also be possible tax advantages in so doing.

Other Services

Executorships involve us becoming the Executor of a Will, dealing with the testator’s estate after death, obtaining the relevant grants to release the assets in the deceased’s estate, undertaking the subsequent administration of those assets and payment of estate liabilities, taxes and finally distributing the assets to the Testator’s heirs, in line with the Will.

Will Trust is a testamentary trust (i.e. created under the terms of an individual’s Will), which takes effect after the Testator’s death.