Services to Trustees & Executors

Services to Trustees

Trusts can be created for many reasons, either in a will or during lifetime. They are a very flexible way of managing assets and are an extremely useful tax planning tool. However, there are numerous legal and tax complexities, and the role of a trustee can be daunting. It carries considerable administrative, legal and tax responsibilities and the trustee can be liable personally if mistakes are made. In addition, the need to be fair and protect the interests of a range of beneficiaries can give rise to conflict. It is no surprise that trustees often choose to ask the Francis Clark Private Client team to help.

We are flexible in our approach and can assist in many ways:

• We can act as a professional trustee, perhaps with a family member or other professionals. We may, of course, already have considerable knowledge of the family and its financial affairs but, in any event, we have a great deal of experience in administering trusts. It is often helpful to have an independent trustee who may be able to act as mediator in family matters.
• We can administer the trust fund and prepare annual accounts, complete self assessment and inheritance tax returns and deal with beneficiaries’ tax returns.
• We can ensure accounts for charitable trusts are prepared in the statutory format and in accordance with the relevant professional guidelines. We can also provide an independent examination where appropriate.
• We can help interpret trust deeds and advise on the timing and tax consequences of distributions.
• We can advise on capital advances and the breaking up or restructuring of trusts.
• Working with our colleagues at Francis Clark Financial Planning Limited, we can provide independent investment advice and conduct reviews of investment performance.

For more information, please contact our Award Winning Tax Team

Services to Executors

The role of an executor can be daunting. It carries considerable administrative, legal and tax responsibilities and the executor can be liable personally if mistakes are made. All of this happens at a time of bereavement and an executor may find the process emotionally exhausting. It is no surprise that executors often choose to ask the Francis Clark Private Client team to take care of the process.

We are flexible in our approach and can assist in many ways:

• We can act as an executor (perhaps with a family member or other professional)
• We can assist you in fulfilling your legal responsibilities and explain the process
• We can prepare the inheritance tax account and, working with a solicitor, submit an application for probate or letters of administration
• We can finalise the tax affairs of the deceased
• We can work with your solicitor, or one that we recommend, to deal with any problems relating to the application for probate and the administration of the estate
• We can advise beneficiaries on the tax efficient administration of the estate
• We can complete tax returns for the period of administration and advise the beneficiaries about their own tax returns
• We can deal with all administrative matters including the transfer of assets to beneficiaries and prepare detailed and clear accounts for the period of administration
• Working with our colleagues at Francis Clark Financial Planning Limited, we can provide independent investment advice to the beneficiaries

For more information, please contact our Award Winning Tax Team