A trust is set up to protect the interests of a beneficiary or beneficiaries. Solicitors can help in the administration of trusts and the degree of administration required will be directly related to the complexity of the trust.
Administering a trust is an important role and if you are thinking of undertaking it, or you need help with a trust that you already administer, contact Oratto today for expert advice.
Who can administrate a trust?
Within reason, anyone can be a trustee. It can be a close friend or family member, unless it's a trust with a large estate to administer. In which case, then a professional trustee should be considered. This would be a person such as a solicitor who has a thorough knowledge of the law relating to trusts.
If you do decide to engage a professional trustee, such as an administration of trusts solcitor, then it is possible to have a charging clause in place which means their fees come from the trust fund itself.
At Oratto we can connect you instantly with a solicitor who comes from a background of experience relating to administration of trusts. We can assess your situation and give you advice on the best way to move forward.
What duties are involved in administering a trust?
Essentially, the role of a trustee is seeing to any payments that need to be made from the trust fund to beneficiaries and to manage assets or income. There may also be obligations relating to tax returns and associated processes.
It can be a complex and demanding role to hold and you should understand exactly what the trust requirements are before you accept the position. By contacting Oratto, we can put you in touch with a solicitor who understands the importance of this role, and who can provide you with pragmatic advice and guidance.
Contact an Oratto member solicitor today for clear and direct advice on administration of trusts.