Formation and termination of trusts
Trusts are an invaluable estate and succession planning tool. They provide a way for a person, family or business to securely transfer assets to an individual or company, ensuring their safe future management for the benefit of others.
Like a Will, trusts provide a means for people to control the way in which their accumulated wealth or assets are distributed. They can be brought into effect at any time, not only after death, as is the case with a Will. Trusts can also be created under the terms of a will.
In addition to the control over an estate or asset that they provide, trusts can protect assets against claims from creditors and considerably reduce tax liabilities – sometimes completely, in the case of inheritance tax.
We ably advise on the most suitable form of trust; reducing your tax liability through the creation of trusts; removal or appointment of trustees; varying existing trusts; or dealing with disputes.
For more than 200 years, Morrisons has advised generations of families on the creation and management of trusts. In particular, our specialist lawyers and trust accountants can ensure compliance with all responsibilities and duties placed upon trustees, including tax returns, preparation of annual accounts and ensuring trust structure continues to be highly tax efficient.
Many of our lawyers are members of STEP – the Society of Trust and Estate Practitioners. David Kingham, the Head of Private Client, is also a member of the Chartered Institute of Taxation.