Trusts & Asset Planning

Is a trust actually right for you?

Let's find out

Trusts can be an effective way to hold, manage and pass on family assets, but they are not the right solution for everyone. The right structure depends on your circumstances, what you are trying to achieve and the responsibilities you are prepared to take on.

At SD&S Legal Group, we provide practical advice on the establishment, administration and review of trusts, as well as wider asset and succession planning.

Considering setting up a trust

We can advise on the purpose and structure of a trust, trustee responsibilities, changes of trustees, distributions, restructuring and succession planning.

Our approach is straightforward: we do not recommend a trust simply because you can have one. We help you understand whether it serves a genuine purpose, what the ongoing obligations are, and whether there may be a simpler or more appropriate alternative.

Already have a trust in place

Trusts should not operate in isolation. We look at how your trust fits with your will, enduring powers of attorney, ownership of assets, family circumstances and longer-term succession plans, so that the different parts of your estate and asset planning work together.

We also work with clients whose family, business or financial circumstances have changed and who need to review whether an existing trust remains appropriate.

Let us help

A trust is more than a set of documents.

Establishing a trust is only the beginning. Once a trust is in place, the trustees need to make decisions properly, keep appropriate records and ensure the trust is administered in accordance with its terms.

Over time, that can involve documenting trustee decisions, dealing with distributions, changing trustees, transferring assets, responding to changes within the family and keeping the trust’s records up to date.

We assist trustees and families with the ongoing administration of their trusts, so the legal structure continues to operate as intended rather than simply sitting in a file.

How our team can help you

We provide advice and assistance throughout the life of a trust, including:

Establishing a New TrustAdvice on whether a trust is appropriate, how it should be structured and the legal documentation required to establish it.

Trust ReviewsReviewing existing trust arrangements to identify whether changes are required because of changes in the law, family circumstances, assets or longer-term plans.

Ongoing Trust AdministrationHelping trustees properly document decisions and deal with the legal and administrative requirements that arise during the life of the trust.

Trustee ChangesPreparing the documentation required when trustees are appointed, retire or otherwise change, and attending to the associated changes in ownership of trust assets.

Trust RestructuringAdvising on changes to existing trust arrangements where the current structure no longer appropriately reflects the circumstances or objectives of the trust.

Asset and Succession PlanningLooking beyond the trust itself and advising on how the ownership and future succession of family assets should work alongside your wider estate planning.

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Need advice about a trust or asset planning?

Considering a new trust, reviewing an existing one, dealing with trustee changes or planning for the future, get in touch with our team. We’ll help you work out the right next step.

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What does a trustee actually have to do?

Being a trustee carries legal responsibilities. Trustees must understand and follow the terms of the trust, act honestly and in good faith, act for the benefit of the beneficiaries, properly exercise their powers and comply with their other duties under the trust deed and the Trusts Act 2019. Trustees also have obligations around record keeping and, in some circumstances, providing information to beneficiaries

What records do trustees need to keep?

Trustees need to retain the trust’s core documents and appropriate records relating to its administration. This can include the trust deed and variations, records of trust property, trustee decisions, contracts, accounting and financial information, and documents relating to trustee appointments and removals. Good record keeping is an important part of demonstrating that the trust has been properly administered.

Do beneficiaries have a right to information about the trust?

The Trusts Act creates presumptions that beneficiaries will be provided with certain basic information about the trust and, on request, other trust information. Those presumptions are not absolute, and trustees must consider a range of factors before deciding what information should be provided in a particular case.

Can a trust be wound up if it’s no longer needed?

Potentially, yes. How a trust can be brought to an end depends on the terms of the trust, the beneficiaries and the circumstances. The Trusts Act also provides mechanisms for termination, variation and resettlement in certain circumstances. We can review the trust and advise on the appropriate process before any assets are distributed or transferred.

How does a trust fit with my will?

Your trust and your will perform different functions, so both need to be considered as part of your wider succession planning. Your will deals with assets forming part of your personal estate, while assets held by a trust are dealt with under the trust arrangements. We can look at the two together to help ensure your overall estate and succession arrangements reflect what you intend.