• Posted

Two of our partners are the trustees of a complex high value trust worth £3m. The trust has 13 charitable beneficiaries and 59 family beneficiaries, along with new family beneficiaries who qualify each year as they become eligible. Established in 1965, the trust contains a direction to pay out a certain amount to each family beneficiary every year.

New beneficiaries qualify annually for a payment and the trustees have to make sure that this is dealt with fairly. Due to the way the trust was drafted in 1965 there are some family members who have not qualified a beneficiaries, and this has caused some difficulties or the trustees to manage.

Our partners have a high level of administration to carry out in relation to this trust, as well as ensuring compliance with annual tax returns, trust accounts and inheritance tax reporting requirements.