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Understand how your hard earned assets could be at risk to various risks such as the divorce and bankruptcy of your beneficiaries. 

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Lasting powers of attorney

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Creditors and bankruptcy

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The role of trustee

Your responsibilities depend on the type of trust and the terms under which the trust is created. The Settlor may have given instructions that trustees carry out various functions, and trust law may impose further obligations.

For taxation purposes you are responsible for:

• notifying the Inland Revenue that tax is due, within six months of the end of the tax year for which it is due, where you have not received a tax return for the year
• keeping records of the income and capital gains of the trust
• completing and sending back any tax return issued to you
• paying any tax due on the income or capital gains of the trust
• supplying certificates or vouchers to the beneficiaries to show how much income they have received from the trust in the tax year and how much tax the trustees have deducted. (Inland Revenue Trusts can supply forms for you to use.)

Depending on the terms of the trust deed, you can appoint a professional adviser, such as a solicitor or accountant, to carry out some or all of these tasks. However, if you do, you are still responsible for ensuring that all tax obligations are carried out satisfactorily.

Call Prime Today - we're here to help

If you would like to arrange a free, no-obligation meeting please contact us on 0845 872 2099 or email: info@primewealth.co.uk