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A trust is a legal arrangement in which one person or organisation - the trustee - holds and manages assets for the benefit of others - the beneficiaries - according to the terms set by the person who creates the trust - the settlor. Trusts are used across Ireland for estate planning, protecting family assets, managing property, supporting vulnerable beneficiaries, charitable purposes, and commercial arrangements. Although Boyle is a town in County Roscommon, trust law is governed by Irish law generally rather than local statutes. People and families in Boyle typically use trusts for family succession planning, managing farmland or rental property, protecting inheritances for younger beneficiaries, and operating charitable or community funds.
- To set up a trust that is correctly drafted so the settlor's intentions are clear and legally effective.
- To obtain tax advice and ensure the trust is structured to meet obligations under Irish tax law - including income tax, capital gains tax and capital acquisitions tax.
- To advise on trusteeship - duties, powers, decisions about investments, distributions and record-keeping.
- To handle trust disputes - claims by beneficiaries, alleged breaches of trust, removal or replacement of trustees, or disagreements among trustees.
- To assist with probate and succession matters when a trust interacts with wills or an estate administration.
- To advise on property matters - transferring land or registered property into or out of a trust and meeting Land Registry requirements.
- To ensure compliance for charitable trusts - registration and reporting to the Charities Regulator where applicable.
- To manage cross-border or international issues - trusts with assets, beneficiaries or tax residency outside Ireland.
The law of trusts in Ireland is formed by a combination of common law principles and a range of statutes and tax rules. Key law and practice areas to be aware of include fiduciary duties, trust powers and obligations, succession and probate law, and tax legislation.
- Fiduciary duties and trustee powers - Trustees owe duties of loyalty, prudence and impartiality to beneficiaries. Trustees must follow the trust instrument and the law, keep proper accounts, and avoid conflicts of interest.
- Succession and wills - Wills and intestacy rules interact with trusts. The Succession Act and related court practice govern family rights and claims that can affect testamentary trusts or distributions from estates.
- Taxation - Trusts can give rise to income tax, capital gains tax and capital acquisitions tax liabilities in Ireland. The Revenue Commissioners set reporting, registration and payment obligations. Trusts may also have specific reporting obligations under anti-money-laundering and tax transparency measures.
- Court oversight - Irish courts, principally the High Court, supervise serious trust disputes and applications for directions, accountings and trustee appointments. Lower courts may deal with related matters depending on value and subject matter.
- Charitable trusts - Charitable trusts must comply with charity law and the Charities Regulator's rules on registration, governance and annual reporting where applicable.
- Property and land registration - If a trust holds land or registered property, transfers need to comply with the Land Registry and any planning or local charge requirements.
Because trust law operates nationally, people in Boyle will normally work with solicitors who practise trust and estate law anywhere in Ireland. Local solicitors can also help with practical local issues such as management of farmland, tenancy rights, and local court procedures.
A trust is an arrangement where legal ownership of assets is held by trustees who must manage and use those assets for the benefit of named beneficiaries and in accordance with the trust deed. The trust deed sets out who the trustees and beneficiaries are, what powers trustees have, and the rules for distributions.
Any person with legal capacity can create a trust, provided the trust is properly constituted and the trust property is transferred to the trustees. Trusts can be created during a settlor's lifetime - an inter vivos trust - or by will as a testamentary trust.
Common types include family trusts for inheritance planning, discretionary trusts where trustees have discretion over distributions, life interest trusts that provide income to one person for life, bare trusts where beneficiaries have an immediate right to assets, and charitable trusts established for public benefit.
Work with a solicitor to draft a clear trust deed that records the settlor's intentions, appoints trustees and defines beneficiaries and powers. Transfer the intended assets into the trust. For land or registered property, follow Land Registry procedures. Get tax and financial advice before transferring significant assets.
Trusts can trigger income tax, capital gains tax and capital acquisitions tax events. There are reporting obligations to the Revenue Commissioners and potential ongoing tax filings. The tax position depends on the trust type, residency of trustees and beneficiaries, and the nature of assets. Seek specialist tax advice early.
Yes, it is common for a settlor to appoint themselves as a trustee or for a beneficiary to also act as trustee. However, this can create conflicts of interest and impose strict fiduciary duties. Independent trustee involvement is often advisable for complex or high-value trusts.
Trust duration depends on the trust terms and applicable law. Some trusts are limited-term, others last until a specified event occurs. There are legal and tax considerations for long-running trusts. Specific rules and limits can apply depending on the trust type and tax treatment.
Yes. Beneficiaries or other interested parties may bring court proceedings to challenge the validity of a trust, allege breach of trust, or seek variation or termination. The courts can also approve proposed changes where beneficiaries consent or where the change is necessary to achieve the settlor's intent.
Trust deeds are not generally filed on a public register. However, trusts that hold land must be identified in Land Registry records and charitable trusts must register with the Charities Regulator and file annual reports. Tax and anti-money-laundering rules also require certain reporting to Revenue and supervisory authorities.
Costs vary with complexity - a simple trust deed is less expensive than complex estate planning, trust transfers, or contested trust litigation. Solicitors normally provide a cost estimate after an initial review. Expect additional costs for tax advice, valuations, probate work and court proceedings if required.
- Revenue Commissioners - for guidance on taxation of trusts, reporting and registration obligations.
- The Courts Service - information about court procedures and where trust disputes may be heard.
- Charities Regulator - for anyone creating or running a charitable trust in Ireland.
- Law Society of Ireland - for finding qualified solicitors who practise in trusts and estates.
- Citizens Information - practical information about wills, succession and dealing with public bodies.
- Probate Office of the High Court - for matters involving probate, grant of representation and administration of estates.
- STEP Ireland - professional body for trusts and estates practitioners - useful for specialist advisers and professional standards information.
- Clarify your objectives - write down what you want the trust to achieve and which assets you intend to include.
- Gather documents - wills, property deeds, bank statements, existing trust documents and any relevant family records.
- Find a solicitor with trust and estate experience - ask about their experience with family trusts, agricultural property, taxation and litigation if relevant.
- Arrange an initial consultation - use this meeting to discuss goals, likely costs, timescales and any immediate legal or tax issues.
- Obtain tax and financial advice where appropriate - combine legal drafting with tax planning so the trust meets both legal and fiscal objectives.
- Get written terms of engagement - agree fees, scope of work and communication protocols before work begins.
- Keep clear records - once a trust is established, ensure trustees maintain accounts, minutes and records to meet legal duties and assist any future administration or review.
If you are in Boyle and considering a trust, engaging a local solicitor or a solicitor with experience in rural property and family succession planning will help ensure your arrangements are practical, compliant and aligned with your goals.
