Will Trust Administration Solicitors

Will trust administration

Wherever someone holds money or property on behalf of someone, a trust will be created.

At Eric Robinson Solicitors, we are fully qualified to deal with Will trust administration. We are here to help you and your family protect your current and future interests, working with you to explore what type of trust will benefit you the most. We are able to help with the research, recommendations, set up and management of your chosen Will trust, so you can rest safe in the knowledge that your assets are protected and entrusted to the people of your choice. 

By helping families and individuals manage their Will trust, it ensures that when the time comes, there is a smooth and stress-free transfer of assets to your named beneficiaries, as set out by you. 

What is a Will trust? 

A Will trust is where an individual grants one or more ‘trustees’ control over their assets when they pass away. The trustee is the legal owner of the trust fund in their care, however the assets in the fund are ultimately for the benefit of the beneficiaries. Trustees are duty bound at all times to put the interests of the beneficiaries before their own. 

If you wish to put a Will trust in place, you can either allow the trustees to choose how assets are distributed, or, you may specify personally what each beneficiary receives. If the latter, a letter of wishes will be required to describe the details.  

Most people come into contact with the concept of a trust when writing their Will, or when they are named as a beneficiary of a trust fund set-up within a Will.

Reasons to establish a Will trust

The primary reasons individuals set up a Will trust is to guard against various factors such as:

• Seeking to ensure that a beneficiary’s state benefits are not taken away or refused upon that beneficiary inheriting money in future.
• Protecting your assets from divorcing partners. 
• Care costs.
• Inheritance Tax planning and other potential tax savings.
• The preservation of assets for those who are too young and incapable of managing money for themselves (i.e. to protect the inheritance of young children until they are old enough to take responsibility for their own affairs).
• To account for unborn beneficiaries – such as future grandchildren.
• To provide for beneficiaries who lack the capacity to manage their own affairs.
• Re-marriage and the need to protect the respective couple’s children from a first marriage/civil partnership.
• Simply to retain control through trustees.

We will discuss personal requirements and circumstances with you in order to ensure that your needs are met in full, and the correct trust is set up for you and your family. 

Ensuring legal compliance and responsibilities

When a trustee is appointed, there are various duties and responsibilities that must be upheld. Aside from always acting in the best interests of the beneficiaries, the main duties of a trustee centre around honesty, integrity, loyalty, and good faith. Trustees should be actively involved in any decision-making regarding the trust, and they must also: 

• Observe the terms of the trust 
• Act impartially between beneficiaries 
• Provide information to beneficiaries by keeping clear and accurate accounts and documentation for the trust
• Act unanimously (unless stated otherwise in the trust deed)
• Act carefully and distribute assets correctly, depending on the trust type. 
• Take appropriate advice from professionals, as may be required, to provide them with guidance. These may include Independent Financial Advisors, Accountants, Valuers or Solicitors.

As part of the service provided by Eric Robinson Solicitors, trustees are able to seek legal advice to ensure they are upholding their duties and acting in the best interests of the beneficiaries and trust in general.

How Eric Robinson Solicitors can assist with Will trust administration

Seeking legal guidance from a trained Solicitor is imperative when it comes to Will trusts. This is because the duties placed on a trustee mean that if any avoidable losses arise, they could be deemed personally liable. This is where Will trust administration advice is invaluable.

At Eric Robinson Solicitors, our qualified lawyers will ensure that the trust terms and objectives are being followed, that any compliance issues are dealt with, and that all duties are being adhered to properly. This means you can rest assured that your wishes for your assets and finances are fulfilled. 

To speak to us and find out more, get in touch with one of our local branches at the following locations: Southampton, Hedge End, Chandlers Ford, Winchester, Lymington, or Richmond Upon Thames.