Following the death of his father, George and his stepmother Judith were appointed trustees of a discretionary trust in his Will. The trust consisted of George’s late father’s estate and was to provide for Judith during her lifetime with residue passed to George on Judith’s death.
Trusts can be established for several reasons and come in many shapes and sizes. We took the time to understand why the trust had been established by George’s father, what options were available under the trust rules and provided tailored advice on how to proceed.
To ensure George and Judith as trustees had the right investment strategy to suit the purpose of the trust, we focused on understanding their objectives and their circumstances as beneficiaries. We then made recommendations to help the trust achieve its investment goals, including the need for long-term growth and income for Judith.
When it came to how to best draw income or capital, planning considered Judith’s income requirements, capital gains tax whilst balancing growth for George’s future. We also work with the trust’s other professional advisers to achieve this in the most tax efficient manner.
Lastly, we helped ensure that George and Judith understood the responsibilities they have as trustees and the impact of any decisions they make. We facilitated trustee meetings, covering all requirements of the trust, ensuring they could be confident that they executed their duties responsibly.
Richard Hopkins is an affiliate member of STEP, the professional association for specialists in family inheritance and succession planning.
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