Creating and changing a trust ― overview

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

This guidance note gives an overview of the ‘Creating and changing a trust’ sub-topic. What is a trust and why might a client want to use a trust? What should you do if you take on a trust as a client? How is a trust created and how are changes made to it? It also considers the legal aspects of the appointment of trustees as well as the practical considerations when appointing trustees. The trustees’ powers and duties are considered and how to change trustees where a trustee has died or retired.

The Resettlements and sub-funds, Variations, Partitioning trust funds and Winding up a trust ― legal, administrative and compliance issues guidance notes cover changes to the trust that may occur over time.

Some legal services are ‘reserved legal services’ which can only be undertaken by specific classes of people and this is covered in the Reserved legal services guidance note.

This sub-topic of guidance notes is necessarily simplified to include the key points for the accountant or tax adviser.

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