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Trusts law in Exeter follows the same framework as the rest of England and Wales, rooted in common law and a set of key statutes. In practice, this means trustees have fiduciary duties to manage assets in the interests of beneficiaries, with rules on when and how assets can be distributed. Exeter residents commonly use trusts for family succession, tax planning, and protecting assets from risks such as care costs or disputes.
Trusts are typically created by a settlor who transfers assets to trustees under a trust deed. The deed sets out how the assets are to be held, who benefits, and under what conditions. In Exeter, most matters are handled by local solicitors who handle drafting, registration, and ongoing administration, with more complex disputes potentially proceeding to higher courts.
Trusts work best when prepared with professional guidance. In Exeter, there are several concrete situations where engaging a solicitor or barrister with trusts expertise is advisable.
England and Wales trusts law is shaped by both statute and case law. Here are 2-3 fundamental statutes often involved in Exeter trusts matters, with notes on their relevance and timing.
The Trustee Act 2000 modernises trustee powers and duties, including investment powers and the ability to delegate certain tasks. It provides a framework for prudent investment and accountability. This act is widely used in arranging trust investments and day-to-day administration.
The Trustee Act 2000 provides modern powers and duties for trustees, including investment powers and delegation.
This act reforms long-standing restrictions on perpetuities and accumulation of income in trusts. It broadens the range of future gifts that can be kept within a trust and clarifies when distributions can be made.
Perpetuities and Accumulations Act 2009 modernises rules on perpetuities and accumulation for trusts.
The Inheritance Tax Act 1984 governs how trusts are taxed, including charges on creation, transfers into trusts, and distributions to beneficiaries. Changes to IHT rules have affected planning and reporting for many trusts in recent years.
The Inheritance Tax Act 1984 governs taxation of trusts, including charges on creation and distributions.
A trust is a relationship where a settlor transfers assets to trustees to hold for beneficiaries. The trustees manage the assets according to the trust deed and statutory duties. The structure must comply with English law and tax rules.
Start by engaging a qualified solicitor to draft a trust deed. You will need to identify assets, beneficiaries, and trustees, then arrange execution and any necessary registrations. Expect a few weeks to draft and review.
Costs depend on complexity and asset types. A straightforward bare trust may cost a few thousand pounds in legal fees, while complex farmland or discretionary trusts can exceed several thousand pounds. Ask for a detailed quote upfront.
Administration timelines vary by case. Drafting a trust deed can take 2-6 weeks, probate and asset transfer may extend several months, and ongoing administration continues for as long as the trust exists.
While not legally required, professional advice helps ensure the trust deed meets legal requirements and tax planning goals. A solicitor can tailor terms to your family and ensure proper execution.
A bare trust positions assets for a simple beneficiary who has an immediate right to them. A discretionary trust allows trustees to decide when and how beneficiaries receive benefits, offering more flexibility.
Tax depends on trust type and activity. Trusts pay income tax and capital gains tax at rates that differ from individuals, with specific reliefs and thresholds applying. HMRC guidance explains current rates.
Amendments require a formal deed or court approval, depending on the terms and type of trust. A solicitor guides you through drafting amendments and filing necessary documents.
Yes. Beneficiaries can challenge the validity, terms, or administration of a trust. Such challenges may proceed in the county court or High Court, depending on the issue and value involved.
Many trusts must register with the Trust Registration Service. Registration helps HMRC track tax obligations and assets. Trustees should verify current TRS requirements before submitting details.
A trustee administers the trust in the beneficiaries' best interests, manages assets, and follows the deed and law. Trustees must act prudently, avoid conflicts, and keep accounts.
Trusts can protect farm or business assets and aid succession planning. Tax and succession implications are substantial, so professional advice is crucial to balance flexibility and control.
These official sources provide guidance on trusts, registration, and court processes relevant to Exeter residents.
