Trust and Trust Administration

Trust and Trust Administration

At Coole Bevis LLP, we are experts when it comes to creating all types of trusts, from discretionary trusts to life interest trusts, as well as a variety of other forms. A trust is a fund which contains assets which are controlled by you and/ or your nominated trustees.

Why Set Up a Trust?

There are a wealth of benefits to setting up a trust. They may be created to protect a vulnerable person, to provide a mechanism for benefiting the family or to benefit charitable causes. A trust can be a useful tool in cross generational tax planning and can provide the flexibility to take into account the personal circumstances of the beneficiaries at any given time.

As part of your succession planning, you may wish to gift money or assets into trust during your lifetime. You can also establish trusts under your Will which only take effect after your death.

Trusts can be set up for a variety of purposes, including for providing for minor beneficiaries, asset protect or for disabled beneficiaries so as to hold any funds needed to assist with day to day living in a tax-efficient environment. Some trusts split the entitlement to income from the entitlement to capital. Others leave the distributions of both capital and income to the trustees to decide.

A trust may be set up at any time during the lifetime of an individual by way of settlement or after their death under a will. Whatever your situation, we are able to offer you essential advice on the inheritance, capital gains, income and stamp duty tax implications of setting up and managing the trust.

You will need to decide which assets are to be included and they may need to be valued. At Coole Bevis LLP, we are able to sort an asset valuation for you. You will also need to determine who your beneficiaries are and whether you wish them to benefit in a particular way from the trust fund. Finally, you need to decide who you wish to appoint as Trustees to manage the trust.

A trust is created by way of legal deed and the type of trust and the powers the trustees have will need to be set out in the trust deed. If you have set up a flexible trust you will also need to set out your wishes in a letter of guidance to the trustees.

Managing Assets In A Trust

Our Private Client solicitors can help you to create and manage a trust. We are here to ensure your assets are safe and regulated by your appointed trustees. Administering a trust requires professional expertise, particularly as trusts are complex and technical. We will make sure that you understand the implications before setting up a trust. Please be ready to discuss annual accounts, tax returns, inheritance tax and a number of other topics essential for the creation of your trust.

We will assist with appointing trustees and often act as trustees ourselves if required. We will help to agree a suitable investment policy with your investment advisers and aid you in monitoring investment performance. The heart of our goal is to create trusts which will benefit you and future generations.

What Is A Trust?

A trust is a legal arrangement which is drawn up during your lifetime to manage money or assets which will in future benefit specific individuals or groups. There are many different types of trusts, but they will always involve three categories of people; the settlors or grantors who place assets into the trust, the trustees who manage the trust, and the beneficiaries who benefit from the trust. The trustees will control the disbursement of funds to beneficiaries during your lifetime or following of your death.

What Can I Put In A Trust?

What you can put into a trust differentiates between the type of trust you have and who your beneficiaries are. However, many people choose the following to hold within a trust:

  • Property/Real Estate
  • Bank Accounts/Cash
  • Investments
  • Business Interests
  • Foreign Assets (depending on whether the jurisdiction permits trusts)

How Do I Set Up A Trust?

The process is quite straightforward and involves getting a document (a Trust Deed) prepared that sets out who you want to be the trustees, what will be in the trust, and what are to be the purposes and rules relating to the trust. However, it is important to fully understand the different types of trust and choose the one most appropriate to fulfil your intentions.

We can advise you on how best to set up the trust to achieve your goals and assist with drafting a Trust Deed.

When Might I Want To Set Up A Trust?

There are many reasons why you may consider a trust. We highlight just a few of them below:

  1. A trust can hold investments, life policies, pension benefits and private company shares outside your so estate Inheritance Tax planning may help reduce future tax
  2. Asset preservation as trusts can be used to protect and preserve the inheritance due to any children until they are old enough to take control of it themselves
  3. Provide under your Will that if your spouse or partner marries again they will be entitled to the income from the estate but not to the capital, so the capital will ultimately pass on to your own family
  4. Protect a vulnerable individual, for example who lacks mental capacity or is financially vulnerable due to a difficult marriage or insecure income potential
  5. Avoid splitting ownership of a business if there are succession problems with the next generation(s)
  6. Use a charitable trust to benefit a good cause, including tax exemptions where relevant
  7. Take advantage of non-UK resident situations to reduce taxation

Declaration of Trust

A declaration of trust is a special trust of land most commonly used where two or more people purchase a house or flat, particularly in unequal shares. The declaration of trust will record each person’s contribution and hence the proportions of the property they own; this ensures that when the property is sold each homeowner gets a fair portion of what they put into the property

If you would like to discuss creating a Declaration of Trust for a commercial property, please contact our Commercial Property department. For all other queries, please contact our Private Client team.

What are the duties of a Trustee?

If you are a trustee, it is your duty to maintain the trust and supervise transactions. If you are a non-professional trustee, you may want to hire a solicitor to help you administer trust business. The duties of a trustee involve taking and making payments/investments, keeping records of accounts, managing tax affairs and attending meetings whilst complying with various trust laws. Trustees are also responsible for ensuring that the trust is managed properly in the interests of the beneficiaries and this can be difficult when there are different categories of beneficiaries.

Our solicitors can help you manage your trust effectively. Whether you would like one of our team to act as a trustee, or assist if you are a trustee, they will be practical and considerate – happy to offer a solution when it is needed.



Fill out my online form.

Put Your Faith in a Declaration of Trust

Are you thinking about buying a property with someone else, whether they are your partner, friend, brother or sister, but have a larger amount to invest than they do? It is becoming increasingly common for home buyers to get a boost onto the property ladder in the form of financial assistance. If you have received …

One Month to Register Non-Taxable Trusts

The deadline for registrations for non-taxable trusts in existence on 6 October 2020 is 1 September 2022. Those non-taxable trusts created after 6 October 2020 must register within 90 days of being created or otherwise becoming subject to registration by 1 September 2022 (whichever is later). Once registered, trustees will have 90 days from when …

A Time to Give: Making Provisions for the Special People in Your Life by Claire Carberry

Claire Carberry, Private Client Associate Solicitor discusses how families with special considerations can provide for their loved ones by creating a trust fund. It’s fair to say that many people find making a Will a challenge – and this can be particularly hard when you have a loved one with special or additional needs. What …

What is a Trust?

In light of the recent issues arising from the Universal Trustees Limited liquidation, it seems appropriate to set out some guidance regarding trusts. For many people trusts seem very complicated and daunting structures. It is true that Trusts are not simple things but then they were never meant to deal with simple situations. Where the …

Is a Trust the Right Thing for You?

The concerns and problems raised by Universal Trustees, its conduct and its subsequent compulsory liquidation are now clear to all those former clients of the company. Many people were persuaded to set up trusts, transfer assets or complete Wills – all actions that were presented to them as tailored to their specific needs. Perhaps, for …

Do you need Independent Financial Advice?

We have partnered with Carpenter Box Financial Advisers to create Coole Bevis Wealth Management. This joint venture offers an integrated legal and financial service, no matter where you are in your financial journey. If you are a client of the firm, you can take advantage of one hour’s free consultation for financial issues relating to Trusts, Trust Administration and Investment Planning

For more information and additional services, contact or call 01903 534587. Click here to visit the Coole Bevis Wealth Management website.



Lanes End House
15 Prince Albert Street
t. 01273 323231
f. 01273 820350


14 Carfax
West Sussex
RH12 1DZ
t. 01403 210200
f. 01403 241275


79 Church Road
East Sussex
t. 01273 722532
f. 01273 326347


5 The Steyne
West Sussex
BN11 3DT
t. 01903 213511
f. 01903 237053