Wills & Family
Who should I choose as executor if I don’t trust my family?
Not everyone has a relative they would trust to handle their estate. Here is how to think about other options, from friends to professional executors.
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Trusts Explained
What trusts are, who trustees are, and how tax and registration work.
What is a trust?
A trust is a legal arrangement where one or more people (trustees) hold and manage assets for the benefit of others (beneficiaries). Trusts can be set up during your lifetime or through your Will.
Who is a trustee?
A trustee is the person, or one of the people, who legally owns and manages assets held in a trust for the benefit of others. Trustees must act in the beneficiaries’ interests, follow the trust’s terms and meet tax and record-keeping duties.
What are discretionary trusts?
A discretionary trust lets the trustees decide which beneficiaries receive money or assets, how much and when, within limits set by the trust. This flexibility can be useful, but these trusts have their own tax rules and duties.
How are trusts taxed?
Trusts can be liable for Income Tax, Capital Gains Tax and Inheritance Tax, and the rules depend on the type of trust. Trustees are usually responsible for reporting and paying any tax due.
When does a trust need registration?
Most UK express trusts must be registered on HMRC’s Trust Registration Service, usually within 90 days of being created or becoming liable for tax. Some trusts are excluded, such as certain Will trusts closed within two years of death.
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