Creation of trusts—asset and liability statement
Creation of trusts—asset and liability statement

The following Private Client guidance note provides comprehensive and up to date legal information covering:

  • Creation of trusts—asset and liability statement
  • Gathering information from the client
  • Assets
  • Liabilities
  • Life assurance policies
  • Pension death benefits

Gathering information from the client

When taking instructions it is preferable to ensure that the client completes an asset and liability statement. Consideration can then be given as to how much to gift into trust, what to gift into trust or whether to create a trust at all, instead of making an outright gift or retaining the assets. For example, the information obtained may indicate that the settlor (and their spouse or civil partner, if applicable) depends on the assets to produce an income on which they live and that a transfer into an inter vivos settlement woul