Trusts - Case Study 1
A client called us as he did not have time to deal with the management of a family trust of £500,000 where his elderly uncle was his co-trustee. We reviewed the terms of the trust, what the trustees had done historically to preserve and enhance the trust assets, what advice they had taken and what they should now do to protect themselves from being attacked by the ultimate beneficiaries. We also advised on who some of the ultimate beneficiaries should be, given that some of those named in the trust deed had already died.
We introduced the trustees to a reputable local financial adviser, remedied the tax compliance position and produced up to date accounts showing all the trust assets.
We now manage the trust on a day to day basis (with the help of the financial adviser) and the trustees have peace of mind that they will not fall foul of their duties to the beneficiaries in the future.
