Trust services
Like tax returns, Trustees can opt for self-submission or registration. However, Trusts are complex and even high-street solicitors often do not regularly advise on them, leaving this to specialist individuals or businesses.
Extending the registration requirements to a broader range of Trusts provides an opportunity for Trustees to undertake a review and potentially do some “housekeeping” to ensure they are compliant in all areas. Although anti-money laundering is the prime focus of Trust registration it will inevitably uncover unexpected errors, including but not restricted to:
- Lack of asset registration for Will Trusts (Executor to Trustee transfers)
- Incorrect tax reporting
- Missed compliance with reporting, e.g. periodic charges
- Incorrect use/transfer of Trust assets
- Lack of consultation with Trustees which could create tax outcomes claims by Beneficiaries
- Actions which might impact the protective benefits of Trusts
Solidus offer Trustees a range of services.
Solidus offer Trustees a range of services
Registration service
The initial registration of the Trust.
Trust tax service
If Trust tax return services are required, we can direct you to an experienced tax accountant.
Professional Trustee service
Solidus can direct you to our legal partners’ Trust Corporation, if you require additional professional Trustee services to work with you and your co-Trustees.
Closure of trusts
Solidus can also assist with the closure of Trusts. Some Trusts can last for 125 years and others for limited times or until a death occurs. However, there are many reasons why Trusts may come to an end:
- The Trust may have reached its useful end
- It may have come to the statutory end
- Administrative costs may have become onerous
- An investment may be terminated
Whatever the reason Trustees will now have to be much more diligent in ensuring the correct process is followed, including legal Deeds for closure. Ultimately, they will be responsible for the administration and any taxation resulting from Trust closures.
Changing Trustees and Beneficiaries
It is generally preferable to have a minimum of three and a maximum of four Trustees on many common Trusts. Solidus can assist with retirement of existing Trustees who may no longer wish to act, as well as the appointment of new Trustees where required.
24 Month Service
- Initial Registration Fee
- Any Required Reporting for 24 months
- Trust Alerts
- Annual E-Newsletter
- 15% off any Required Trust Deeds/Agreements
