Trustees

Advising trustees and beneficiaries lies at the heart of the majority of our estate and tax planning work. Our team is at the forefront of assessing the complex nature of trustee obligations, and enabling them to fulfil their role and manage their relationships with both their fellow trustees, and the trusts’ beneficiaries.

Clear guidance and support for trustees

We can help you to understand the full responsibility of your trustee role, either before your appointment or during your tenure as trustee. Our advice is tailored to your specific circumstances, ensuring that you are equipped to act with confidence and clarity.

We support individuals who act as trustees as they face a barrage of obligations, liabilities and regulation which require legal advice, regardless of how experienced they are. One of the biggest areas of growth in the legal profession is actions against trustees and it is increasingly vital that a trustee takes advice to reduce the risk of trustee liabilities becoming personal. Trustees are often unaware of the extent of their potential exposure, and early legal guidance can be key to avoiding costly disputes.

An absolutely first-rate firm with excellent private client practitioners.

Compliance obligations for trustees have also increased substantially and we can work with you to ensure all your responsibilities, as trustees, are fulfilled.

The Penningtons Manches Cooper private client team has specific expertise in this specialist area and provides clear, pragmatic advice to minimise a trustee’s exposure to liabilities, whether to the trust’s beneficiaries or third parties, and on the trustee’s obligations in respect of trust assets.

Similarly, we advise beneficiaries on the nature of the obligations owed to them and the proper treatment of trust assets.

How we help our clients

Fiduciary duties

Trustees’ obligations and responsibilities

Creation, administration and winding up of trusts

Tax and reporting requirements

Asset protection

Trustees’ investment obligations

Trustees’ obligations to act impartially amongst beneficiaries

Conflicts

Negotiations with HMRC

The team provides very measured responses that take all matters into consideration. The team makes an effort to get to know the clients, so its responses are professional but also personal.

Their high level of expertise in trust and estate matters has allowed me to restructure my plans significantly. They are a very professional and courteous team.

Recent work highlights

Cross-border asset tracing

Acting to preserve a substantial estate, in order to trace assets taken from a vulnerable person prior to death, and liaising on complex cross-border and insurance issues and multiple claims.

Complex family dispute

Advising the executors and trustees in relation to a complex family dispute involving constructive trust claims, Inheritance Act claims and estoppel.

Vulnerable beneficiary

Establishing and administering complex trusts to support a vulnerable beneficiary, while ensuring legal compliance, protecting benefit entitlements and aligning with long-term care and financial needs.

Mitigation of tax liabilities

Assisting US fiduciaries with possible strategies for using the US tax residence of one primary beneficiary to mitigate tax liabilities on the termination of two trusts, in particular those affecting UK beneficiaries.