Trusts

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Practice notes
The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...
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Produced in partnership with Paul Davies of Clarke Willmott 12th Jan
Practice notes
On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...
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9th Nov
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
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9th Nov
Practice notes
A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...
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Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan
Practice notes
Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...
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9th Nov
Practice notes
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
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9th Nov
Practice notes
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
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9th Nov
Practice notes
Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...
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9th Nov
Precedents
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
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9th Nov
Practice notes
When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...
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9th Nov
Precedents
This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
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9th Nov
Practice notes
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
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Produced in partnership with Peter Murrin of Turcan Connell 12th Jan
Practice notes
An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...
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Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan
Practice notes
Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...
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Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Most recent Trusts content

Q&As
Executing documents properly when one or more parties to a contract are not physically present is sometimes known as virtual signing or virtual...
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9th Apr
Precedents
[To add to the recitals:]The [Continuing Trustees [and the] AND/OR New Trustees] have agreed to give the Retiring Trustees the indemnity set out...
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9th Apr
Practice notes
Variation of trustsAs a general rule trustees are bound to carry out the settlor's wishes. However, circumstances may arise where a variation is...
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9th Apr
Practice notes
FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the...
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Produced in partnership with Kevin Gude of Gowling WLG 9th Apr
Practice notes
THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMESTrustees may be subject to personal liability if they commit a breach of trust...
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Produced in partnership with Elizabeth Haggis of Excuria Law 9th Apr
Practice notes
THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMESIndividual trustees v corporate trusteeThe most common trustee structures used...
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9th Apr
Practice notes
Overview of potential IHT chargesIt is important when establishing or operating an employee benefit trust (EBT) that the potential for Inheritance Tax...
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9th Apr
Practice notes
The EBT as a trustAn employee benefit trust (EBT) is a form of trust. A trust refers to the legal relationship created by a person, the settlor, when...
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Produced in partnership with Jeremy Glover of Fenwick Elliott 9th Apr
Practice notes
ARCHIVED: This Practice Note has been archived and is not maintained.The Fourth Money Laundering Directive (4MLD), replacing the Third Directive which...
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9th Apr
Practice notes
Whether a property transaction is an investment or trading (ie dealing) activity is of key importance to each of the parties to the transaction since...
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9th Apr
Practice notes
The meaning of words commonly found in Private Client drafting and legislation which are intended to refer to children can differ depending on the...
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9th Apr
Practice notes
Appropriation is a process by which a personal representative or a trustee uses a specific asset in the estate or trust fund, to meet in full or in...
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9th Apr
Practice notes
Increasingly, UK trustees hold foreign assets as part of trust property. This may be because:•they have been put into trust by the original...
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9th Apr
Practice notes
A trustee may be removed against their will in any of the following ways:•under an express power in the trust instrument•under section 36(1) of the...
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9th Apr
Practice notes
Original trusteesTrustees will usually be appointed by the instrument that brings the trust into existence. The trust instrument should also make...
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9th Apr
Practice notes
This Practice Note explains the phenomenon of ‘cryptoassets’, namely assets which are issued using distributed ledger technology, alternatively known...
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Produced in partnership with James Brockhurst of Forsters LLP 9th Apr
Practice notes
What is a protector?A protector is a person who holds powers under a trust but who is not a trustee. A protector is a person who is independent of the...
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Produced in partnership with Alison Cartin of Taylor Wessing LLP 9th Apr
Practice notes
The lifetime charge to inheritance tax (IHT) applies when a person makes a 'transfer of value' or 'disposition' as a result of which the value of his...
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Produced in partnership with Paul Davies of Clarke Willmott 9th Apr
Practice notes
Trust draftingTestators frequently wish to include a trust or trusts in their Wills. Even if this is not the case, a trust may arise:•where a...
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9th Apr
Practice notes
Reasons for restructuring a trustRestructuring a trust may be undertaken for a number of purposes, including to:•restrict the class of...
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9th Apr

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