Hassle-free help from the UK's best Wills, Trust & Probate solicitors.
Transparent pricing, from start to finishGet the support you need, when you need itTrusted lawyers, clear expectations
Transparent pricing, from start to finishGet the support you need, when you need itTrusted lawyers, clear expectations
Amazing experience
After placing an enquiry, I received a call 20 minutes later, and then 2 hours later, I had a solicitor assigned to me. They were absolutely incredible right from the word go - amazing and very prompt with replies, answering all my questions and keeping the process moving. We finally completed today and I am so unbelievably happy. I wouldn’t hesitate to use Lawhive again in the future if needed.
Lily
First class service
I initially made an online enquiry about a tricky conveyancing matter and received an immediate call back. They understood straight away what was needed and gave me a quote that was very reasonable. It was such a pleasure to find someone who was cheerful, professional and completely reassuring as I’d been getting quite anxious about the sale of my house. The service Lawhive has provided is absolutely first class and I cannot recommend them enough.
Charles
Empathetic, professional and efficient
I am an executor, selling my mother's home. I found the assistance I received from Lawhive first rate - empathetic, professional and efficient.
Mark
Great service from Lawhive
We used Lawhive for our conveyancing needs and our solicitor was very helpful, patient and informative. She helped us with our needs with prompt responses and provided a very efficient service.
Kelvin
Great service when you need clarity and calm
Our solicitor was warm, friendly and provided crystal clear communication. A lot of conveyancers assume customers know everything about the process already, so it was really appreciated to hear each stage included in the price given.
Em
Quick and efficient
We used Lawhive for a transfer of property and conveyancing. Our solicitor was so helpful and thorough with the whole process. He responded quickly and efficiently to any questions or requests that we had and explained some of the more complicated issues regarding the process clearly.
Geri
Fantastic service and experience with Lawhive
I had the pleasure of working with Lawhive doing a transfer of equity on a property. Our solicitor’s service was amazing, she responded quickly to any questions or concerns and kept me updated throughout the process. I can strongly recommend her for any conveyancing work that you may need. Fantastic service all round.
Jane
Amazing experience
After placing an enquiry, I received a call 20 minutes later, and then 2 hours later, I had a solicitor assigned to me. They were absolutely incredible right from the word go - amazing and very prompt with replies, answering all my questions and keeping the process moving. We finally completed today and I am so unbelievably happy. I wouldn’t hesitate to use Lawhive again in the future if needed.
Lily
First class service
I initially made an online enquiry about a tricky conveyancing matter and received an immediate call back. They understood straight away what was needed and gave me a quote that was very reasonable. It was such a pleasure to find someone who was cheerful, professional and completely reassuring as I’d been getting quite anxious about the sale of my house. The service Lawhive has provided is absolutely first class and I cannot recommend them enough.
Charles
Empathetic, professional and efficient
I am an executor, selling my mother's home. I found the assistance I received from Lawhive first rate - empathetic, professional and efficient.
Mark
Great service from Lawhive
We used Lawhive for our conveyancing needs and our solicitor was very helpful, patient and informative. She helped us with our needs with prompt responses and provided a very efficient service.
Kelvin
Great service when you need clarity and calm
Our solicitor was warm, friendly and provided crystal clear communication. A lot of conveyancers assume customers know everything about the process already, so it was really appreciated to hear each stage included in the price given.
Em
Quick and efficient
We used Lawhive for a transfer of property and conveyancing. Our solicitor was so helpful and thorough with the whole process. He responded quickly and efficiently to any questions or requests that we had and explained some of the more complicated issues regarding the process clearly.
Geri
Fantastic service and experience with Lawhive
I had the pleasure of working with Lawhive doing a transfer of equity on a property. Our solicitor’s service was amazing, she responded quickly to any questions or concerns and kept me updated throughout the process. I can strongly recommend her for any conveyancing work that you may need. Fantastic service all round.
Jane
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01 overview
Managing a trust can be complex and time-consuming, not to mention a big responsibility to shoulder. It involves several duties like record-keeping and collaboration with lots of different professionals.
If at any point in administering or managing a trust, you need legal help, our network of expert trust management is here to help quickly, for affordable fixed fees. Get in touch with our Legal Assessment Team to find out more and get a free quote for the services of an expert lawyer.
Trust management involves overseeing a trust fund, which comes with significant responsibilities. This includes administering the trust, investing its funds, and distributing them as outlined in the trust's terms.
Trust management can be challenging because it involves making substantial decisions regarding asset distribution and investments, all while ensuring legal compliance and maintaining proper documentation.
A trust manager, sometimes called a trust officer, handles various tasks, including:
Firstly, when you set up a trust in the UK, it must be registered with HM Revenue & Customs. It's essential to update and amend trust details as needed, declare any changes, and periodically confirm the accuracy of information.
Understanding the type of trust being managed is crucial, as different trusts are subject to varying tax rules and management obligations. Whether it's a Schedule 3A trust or another type, this determines how it should be administered.
Administering the trust according to its deed involves overseeing trust assets, working with investment advisors, and ensuring payments and assets are distributed to beneficiaries as specified.
Managing the trust's tax affairs involves paying income tax, capital gains tax, and inheritance tax. If necessary, the trust can be closed using the online service to update the trust register.
Managing trusts can be tough, especially with complex ones. As a trust manager, you have big responsibilities, and not meeting them could mean you're held accountable.
Administering the trust involves keeping detailed records, handling payments, and dealing with tax returns. Making sure you follow trust laws can be tricky.
Disputes over trustee authority can add to the challenge. Beneficiaries might question your authority, especially if you're a successor trustee and there's no appointed successor.
Planning for the future is also part of trust management. You'll have to make important decisions about the trust's future, which might not always please beneficiaries, leading to conflicts.
If a trust is poorly set up, it can make things harder for the trustee. Getting legal advice from a wills, trust, and probate solicitor from the start can help manage things better and prevent problems later on.
Trust management services can be valuable in ensuring trust managers fulfill their obligations, thus minimising the risk of mistakes that could lead to personal liability.
These services assist you in properly managing a trust, ensuring that you meet your duties and distribute estate assets according to trust provisions. They protect from liability and help fulfill obligations such as tax returns, accounts, payments, and distributions. Remember, your liability as a trustee can extend beyond your tenure, so it's essential to get it right.
Whether you opt for a friend, family member, solicitor, or corporate trustee to oversee your assets, it's important that the chosen individual can dedicate the necessary time to fulfill the role effectively.
Additionally, you should make sure they have the expertise required to manage the specific type of trust established.
Consider the following questions when selecting a trustee:
Whether you can change trustees after a trust is set up depends on the type of trust. A revocable trust can be altered or revoked by the grantor. However, once an irrevocable trust is established, it cannot be changed.
Under the Trustee Act 1925, if the nominated trustee is unable or unwilling to serve and the trust deed allows for a new trustee to be appointed via a trustee resolution, a change can be made through a deed of variation.
A trustee resolution is a formal statement signed by the trustee to document actions taken. Adding or removing trustees typically requires the consent of the trust's appointer, the only person authorised to make such changes.
Our network of SRA-licensed trust management solicitors is on hand to help you carry out the responsibilities of managing a trust.
We can help you with managing a trust, from establishing a trust to distributing its assets and winding it up. If you need any assistance to act as a trustee contact our Legal Assessment Team for a free case assessment and discuss your requirements with us.
With straightforward pricing - so you know exactly what to expect at every step.
