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 Trusts content

Practice notes
The use of special purpose vehicle structures is very common in aviation finance. They provide various advantages for lenders such as tax benefits and...
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Produced in partnership with Norton Rose Fulbright 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
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
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
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
Trustees of a relevant property trust are charged to inheritance tax (IHT) on each ten-year anniversary after the trust was created. This charge is...
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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
FORTHCOMING CHANGE: As originally announced at Budget 2018, the government ran a consultation between 1 April and 1 June 2019 on proposals to curtail...
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25th Sep
Practice notes
When trust property ceases to be relevant property, it becomes subject to a charge to inheritance tax (IHT). This charge is known as either:•the exit...
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25th Sep
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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25th Sep
Practice notes
For general guidance on the special income tax and capital gains tax (CGT) treatment of trusts for disabled persons, see Practice Note: Taxation 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
This Practice Note provides practical guidance on proper execution of documents by non-Companies Act companies. Non-Companies Act companies are...
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25th Sep
Practice notes
IntroductionIt is a sad fact that in many personal injury cases, particularly those involving the most catastrophic injuries, the injured person will...
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25th Sep
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
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25th Sep
Practice notes
Nature of powersA trustee's powers may be either:•administrative, ie powers relating to prudent management in the discharge of the trustee's duty to...
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25th Sep
Practice notes
What is a Quistclose trust?A Quistclose trust is an example of an ‘automatic’ resulting trust, ie a trust which arises where property is transferred...
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25th Sep
Practice notes
In principle, the office of the trustee is lifelong. Nevertheless, a trustee may retire in a number of ways:•by the exercise of a provision in the...
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25th Sep

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