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Creating a trust


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Creating a trust


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
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This guidance note explains what the settlor should consider when setting up a trust so that they are able to give instructions to a lawyer to achieve their objectives. A checklist is available to guide the settlor in these considerations. See Checklist ― obtaining information for the settlement of a trust.

This guidance note is designed to give outline and background for accountants and tax advisers who deal with clients establishing trusts. It is not targeted at lawyers.

This guidance note deals with the position in England and Wales only. See Simon’s Taxes I5.8 for details of the provisions affecting Scotland and Northern Ireland.

See the What is a trust? guidance note for descriptions of the various parties to a trust.

The settlor

The settlor needs to have the capacity to make a settlement. Care should be taken if a settlement is to be made by a person whose capacity is in doubt. This should be discussed with the solicitor instructed and they should obtain a medical opinion from an appropriately qualified doctor

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  • 11 Dec 2023 12:51

Home/ Tolley Tax Guidance/ Trusts and Inheritance Tax / Creating and managing your client's trust

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