A trust is a legal arrangement whereby one or more trustees are made responsible for assets which are placed in a trust for the benefit of beneficiaries.
There are different types of trusts and they can be set up for a number of different reasons, whether it is to control and protect family assets or to pass money on to loved ones now or after you’re gone, via your Will.
All trustees are under a duty to account to the beneficiaries for the way in which they manage assets that are placed under their control. This requires complete, accurate and clearly structured accounts prepared in line with the STEP Accounting Guidelines (Society of Trust and Estate Practitioners).
Precise accounting figures enable trustees to manage the trust effectively by having details of the financial position of the trust readily accessible. This level of access is a means of providing the information needed to prepare accurate tax returns for the trust and its beneficiaries each year.
At David Allen we have specialist expertise in meeting the accounting and taxation requirements of trusts. Our trust team have close relationships with a number of solicitors, both locally and nationally, and are here to give you the right advice both when considering setting up a trust and once the trust has been established.
David Allen’s trust team, headed up by Robert Nordon, have a wealth of experience of working with the STEP Accounting Guidelines and will ensure your trust accounts and tax returns are prepared to the highest standard.
If you have any queries about trusts, please do not hesitate to contact one of our team.