trusts and estates

Protecting your assets for your spouse, partner, children and others you wish to give your wealth to

 

Estate Administration

Humphrey & Co offers a comprehensive and efficient estate administration service to executors and the next-of-kin of those who have died without making a will.

 

This service includes:

• Collating information about the assets and liabilities of the estate
• Arranging valuations
• Dealing with all taxes including calculating any inheritance tax that is due
• Making arrangements to obtain the grant of probate
• Dealing with the assets and arranging for them to be sold or transferred
• Paying liabilities
• Drawing up estate accounts
• Distributing the estate to the beneficiaries according to the terms of the will or rules of intestacy.

We also advise beneficiaries on any suitable tax-planning opportunities and the use, as appropriate, of deeds of variation.

 

Trusts – the Reasons for using them

There are various reasons why you may choose to set up a trust. You might wish to give funds away during your lifetime in order to save inheritance tax when you die.  However, you may wish to retain control of the funds if your chosen beneficiaries, perhaps your children or grandchildren, are too young or immature to manage the funds themselves. By placing the funds in the care of trustees, you can ensure they will be managed responsibly until an appropriate time comes for your beneficiaries to take responsibility themselves.

 

In another scenario, common with second marriages, you might wish to leave assets on your death for the benefit of your spouse, while ensuring that on his or her death those assets then pass to your chosen beneficiaries who might not be the people your spouse would choose.

 

Humphrey & Co can advise you on the most efficient way to structure a trust to give maximum benefit to those who are interested in the trust fund. No two families’ circumstances are the same and we only arrive at our conclusions after the most careful consideration of the needs and aspirations of all interested parties.

 

There are three basic types of trust:

• Interest-in-possession – typically where one person has the right to receive the income from the fund or live in a trust property for life with the fund or property going to other beneficiaries in due course
• Young Persons – where funds are held in trust for young people pending their reaching a specified age
• Discretionary – where the trustees have the power to decide who, within a defined class of persons, will benefit and on what terms.

The careful use of trusts can often result in useful long-term tax savings and we can advise you about this.

 

 Administration of Trusts

We can deal with the administration of the funds, maintain records and deal with the preparation of annual accounts and Tax Returns for the trustees.

 

In appropriate cases, we can act as trustee, either by the appointment of a Humphrey & Co partner or by using our associated trustee company.

 

For more information or to arrange a FREE no obligation consultation please contact us