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Trustees & Fiduciaries

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Tax legislation and regulatory rules are constantly changing as are the circumstances of family members. It is imperative for trustees and other fiduciaries to regularly review existing structures and ensure they remain tax efficient and continue to fulfil the family’s needs.

The circumstances and philosophy of a family will determine whether a trust, a foundation or another asset holding (or asset protection) vehicle is the most appropriate for that family but once the structure is in place it must also regularly be reviewed in the light of changing tax and regulatory rules and the family’s circumstances. We have extensive experience establishing and advising on the governance and on-going management of trusts, foundations, private trust companies and charitable vehicles. We are able to review and advise on whether a family’s wealth structure continues to meet their values and needs and advise on re-structuring where necessary.

As well as requiring advice on all aspects of trust law - including trustees’ duties and obligations, trust construction, trustee decisions and the rights of beneficiaries - trustees and foundations are frequently faced with changes in tax legislation and regulation which impact on the trust or foundation or the beneficiaries. Compliance is also a concern for trustees and fiduciaries and regular tax and trust audits should be carried out to ensure proper compliance. We advise on all aspects of trusts and foundations and, in particular, we have considerable experience advising trustees and other fiduciaries on the issues which arise where they hold assets in, or beneficiaries are resident in or have connections with, multiple jurisdictions.

Where a private trust company has been established to, for example, act as trustee of one or more family trusts the directors of private trust companies will need advice on the legal and tax issues which impact on them. They may also have service and administration agreements in place for the provision of services by and to family trusts (or other asset holding vehicles) – for example, trust and administration agreements between a family private trust company and third party service providers. We have experience advising on the terms and on-going review of such agreements.

We have many years experience of working with trustees and other fiduciaries and service providers in a number of different jurisdictions and are able to advise wealth individuals on the most appropriate asset holding vehicle and the advantages and disadvantages of different jurisdictions.

Get in touch

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Jonathan Kropman

BLP
Partner, Private Client

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