Creation of 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
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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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
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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Produced in partnership with Mourant Ozannes and Carey Olsen 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 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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Produced in partnership with Kevin Gude of Gowling WLG 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
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
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
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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9th Apr
Practice notes
The rules relating to perpetuities and accumulations stem from the common law and the provisions in the Perpetuities and Accumulations Act 1964 (PAA...
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9th Apr
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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Produced in partnership with Robert Mack of HSM 9th Apr
Practice notes
Who may be beneficiariesEvery person who would be capable of owning property if of full age and sound mind may be a beneficiary under a trust, even if...
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9th Apr
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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9th Apr
Practice notes
Preliminary considerationsBefore commencing work the solicitor drafting the settlement deed must be clear in their mind what they are seeking to...
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9th Apr
Practice notes
An asset protection trust is one that is established to safeguard assets from potential threats. The threats may be from third parties such as...
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Produced in partnership with Michael O’Sullivan of 5 Stone Buildings 9th Apr
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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9th Apr
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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9th Apr
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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Produced in partnership with Phillipa Bruce-Kerr of Harrison Clark Rickerbys 9th Apr
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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9th Apr
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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9th Apr
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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9th Apr
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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9th Apr
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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9th Apr
Practice notes
The nature of a life interest trustIn its basic form the life tenant is entitled to income produced by the trust fund or to the use of trust assets....
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9th Apr

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