Termination 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 Termination of trusts content

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
Practice notes
Trustees have the right to indemnify themselves from the trust fund in respect of expenses, including:•administration costs•the costs of proceedings...
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25th Sep
Practice notes
Winding up the trustBefore winding up the trust, the trustees must have paid or provided for all outstanding liabilities and identified the...
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25th 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 Deed of Partition is made on [date]Parties1[life tenant] of [address] (the Life Tenant)2[remainderman] of [address] (the Remainderman)...
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26th Sep
Precedents
I, [beneficiary], acknowledge that today I received from [names of trustees] the trustees of [insert name of trust] (the Trust) £[amount]. This...
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27th Sep
Q&As
For the purposes of the Q&A, we have assumed the life interest trust was established by Will. We have also assumed that the remainderman has a vested...
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28th Sep
Q&As
Prior to the introduction of the transferable nil rate band (TNRB) on 9 October 2007, it was common inheritance tax (IHT) planning to utilise the nil...
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Produced in partnership with Graham Stott of 3 PB Barristers 28th Sep
Q&As
A potentially exempt transfer (PET) is a transfer of an asset during lifetime. A gift made in this way will fall outside of the Estate of the deceased...
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Produced in partnership with Chris Bryden of 4 King’s Bench Walk 28th Sep
Q&As
This Q&A does not consider any tax issues which may arise from the expiry of the leasehold interest.Section 149(6) of Law of Property Act 1925 (LPA...
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28th Sep
Q&As
The Practice Note: Termination of trusts—methods of termination explains that, where an express trust is completely constituted, it is generally...
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Produced in partnership with Graham Stott of gunnercooke LLP 28th Sep
Q&As
An express trust may come to an end in a variety of ways, including the actions of the trustees, settlor, beneficiaries or a third party or on the...
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28th Sep
Q&As
It is important to note that reporting requirements will depend on how the trust has been classified for the purposes of the Foreign Account Tax...
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28th Sep
Q&As
We refer you to Practice Note: Termination of trusts—methods of termination, which sets out the circumstances in which a trust may be brought to an...
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28th Sep
Q&As
A discretionary trust usually takes the form of a power conferred on the trustees or some other persons (usually two in number or a trust corporation)...
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28th Sep
Q&As
Life insurance policiesThere are two main types of life insurance policies:•whole of life—which pays out the proceeds no matter how long a person...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 28th Sep
Q&As
In a discretionary trust, it would be unusual for there to be no ultimate default beneficiary. The default beneficiary may only become entitled at the...
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28th Sep

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