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Trusts, Trustees and Estate Planning

When it comes to estate planning, Inheritance Tax (IHT) has become a growing issue in recent years, particularly as increased house prices push more estates over the IHT threshold. Combined with the effective freezing of allowances, this has meant that more people than ever are having to consider inheritance tax planning services.

Those who may be liable for inheritance tax and want to maximise the wealth they pass down to their beneficiaries may benefit from estate planning services. Families may also want to consider setting up a trust.

A trust is a legal agreement that gives an individual or company (the trustee) the right to own and control an asset for the benefit of someone else (the beneficiary). Trustees have the legal ownership and day-to-day control over the assets. A trust can be extremely flexible and have an existence totally independent of the person who established it and those who benefit from it.


What does estate planning involve?

Estate planning services can help you to review your assets and ensure they are dealt with in an effective manner, should you pass away. Estate planning allows you to identify potential inheritance tax liabilities and reliefs in order to minimise or eliminate the payment of tax when you die through effective structuring of your affairs, for example,  advice in relation to your wills, lifetime giving or even the creation of trusts.


What are the benefits of setting up a trust?

Trusts can be an integral part of a family’s overall tax and estate planning strategy. Although there have been many recent tax changes, trusts still offer families an incredibly useful means of passing wealth down the generations whilst providing protection from marital breakdown, family disputes, bankruptcy and “wayward” beneficiaries.

Trusts are separate persons for UK tax purposes and have specific rules for all the main taxes. There are also a range of anti-avoidance measures aimed at preventing exploitation of potential tax benefits.


Professional Trustee Services

We know that being a Trustee can be time-consuming and complex, so we also offer a Professional Trustee Service. By using this service, you can:

  • Reduce the burden on new or existing trustees.
  • Decrease the risk of conflict.
  • Assist with regulatory requirements of managing a trust.
  • Benefit from the expertise of our tax experts when managing the financial affairs of the trust.


How Edwards Accountants can help

As experienced tax advisors based in the Midlands, we can advise on all aspects of setting up, administering and, where necessary, the winding up of trusts. Our dedicated team of qualified trust and estate planning professionals, including members of the Society for Trust & Estate Practitioners (STEP) are on hand to guide you.

We can also support with advising on best practice for trustees, personal tax planning services and capital gains tax advice.

To find out how we can assist you with your inheritance tax, trust and estate planning matters, please contact us.


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