Morgan McManus are conscious of our client’s concerns and wishes at every stage of life. Our Solicitors realise the importance of the creation and implementation of efficient arrangements for the preservation, management and transfer of their wealth.
A trust is a relationship created when a person, known as a settlor, entrusts some or all of their property to a person known as a trustee. The trustee holds legal title to the trust property. However the trustee is obliged to hold such property for the benefit of one or more individuals, known as the beneficiaries.The beneficaires hold an equitable title to the property.
The trust is governed by the terms of the trust document, which is usually written and occasionally set out in Deed form. The creation of trusts is highly technical and requires the attention of a Solicitor to compose.
Trustees owe a fiducuiary duty to the beneficiaries. These include the duty to carry out the expressed terms of the trust instrument. Trustee duties may be expanded or narrowed by the terms of the trust instrument, but in most instances cannot be eliminated completely. The role of a trustee is imperative and our Solicitors can help to ensure that responsible and trustworthy trustees are chosen. Furthermore, our Solicitors will ensure the Trustees have sufficient power to fulfil the wishes of the settlor and deal with situations where a Trustee abuses its position.
Reasons To Create A Trust:
Safeguard For One’s Children
Trusts may be used to protect beneficiaries against their own inability to handle money.
Wills & Estate Planning
Trusts frequently appear in Wills. For example, if the children are under 18, or under some other age mentioned in the will (21 and 25 are common), a trust must come into existence until the contingency age is reached.
Trusts for the benefit of directors and employees or companies or their families or dependents.
Complex business arrangements, most often in the finance and insurance sectors, sometimes use trusts in their structure.
The Taxes Group at Morgan McManus can advise on the appropraite trust and tax plan for you.
The structuring and administration of Trusts are undoubtedly complex issues. It is vital therefore that a Solicitor assists you in the formation of them. With years of experience dealing with Trusts structuring and administration, Morgan McManus Solicitors can provide you with comprehensive advice in this area. Please contact our office to make an appointment.
Trusts & Estate Disputes
Morgan McManus deal with contentious trust and estate issues including claims of spouses, children, issues concerning the validity of a will, undue influence or creditor claims. Our service also includes applications to remove executors/trustees and dealing with trust governance concerns.
Please contact our office to make an appointment with one of our Solicitors who can advise you of the law in this area.