Creation of trusts

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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 14th Oct
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 13th Oct
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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26th Sep
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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26th Sep
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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26th Sep
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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26th Sep
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 26th Sep
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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25th Sep
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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25th Sep
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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25th Sep
Practice notes
This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...
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25th Sep
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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25th Sep
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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25th Sep
Practice notes
The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...
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25th Sep
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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25th Sep
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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25th Sep

Most recent Creation of trusts content

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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25th Sep
Practice notes
Constituents of a trustWhen drafting, keep in mind that the essentials of creating a validly constituted trust are:•there must be property or rights...
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25th Sep
Practice notes
Protective trusts are a long-established method of making provision for beneficiaries who are in need of protection. Typically, they have been used...
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25th Sep
Practice notes
Sufficient fundsTo determine whether or not the settlor will be left with sufficient means to provide for themselves after creating a settlement, the...
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25th Sep
Practice notes
Table of contentsSettlement deeds are often long and complex documents. Consequently, modern precedents generally start by setting out in a table of...
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25th Sep
Practice notes
Persons lacking mental capacitySettlements, gifts and variation of trustsSection 18 of the Mental Capacity Act 2005 (MCA 2005), Court of Protection...
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25th Sep
Practice notes
The nature of a marriage settlementA marriage settlement is a settlement made in consideration of marriage either:•before the marriage or•after the...
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25th Sep
Practice notes
Express lifetime declarationsWhere a trust is created by an express lifetime declaration, the settlor simply declares that they hold the trust...
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25th Sep
Practice notes
What is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the settlor and beneficiary of the...
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25th Sep
Practice notes
Defining life insurance trustsA life insurance trust usually involves either:•an assignment of an insurance policy together with a declaration of...
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25th Sep
Practice notes
Types of personal injury trustHow to choose between the different types of trustPersonal injury trusts are often considered in the context of the...
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25th Sep
Practice notes
Creation by transfer of property to trusteesIn practice trusts will frequently be created by a settlor transferring assets to independent trustees on...
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25th Sep
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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25th Sep
Practice notes
What is a flee clause?A flee clause is a clause in a trust instrument which purports to automatically transfer the trust assets, the trusteeship and...
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25th Sep
Practice notes
Common misconceptionsThere are a number of common misconceptions concerning the standard opening words used in settlement deeds, for instance:•it is...
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25th Sep
Practice notes
The nature of a discretionary trustThe following extract from Underhill and Hayton: Law of Trusts and Trustees aptly describes a discretionary...
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25th Sep
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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25th Sep
Practice notes
Gathering information from the clientWhen taking instructions it is preferable to ensure that the client completes an asset and liability statement....
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26th Sep
Practice notes
Appointment of original trusteesThe trustees must be clearly identified in the settlement deed. For example:'THIS SETTLEMENT is made the ....... day...
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26th Sep
Practice notes
Creation of new trusts in the exercise of powers under existing trustsFor capital gains tax purposes, if property passes into a new settlement, there...
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26th Sep

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