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Trusts

A trust needn’t be overly complicated. It is simply an arrangement where assets are held by one or more people (the trustees) for the benefit of others (the beneficiaries).

How could a trust help you?
A trust can provide for your family in succeeding generations, or protect assets where the beneficiaries are too young to be responsible. A trust can also make gifts and use tax reliefs, with some types of tax relief only available through trusts.

Whether your affairs are straightforward or complex, a trust could be a valuable asset in managing risk and planning for the future.

How Pagan Osborne can help
Drawing up a trust is all about making informed choices.

We advise on the purposes of the trust, who the trustees may be, how long the trust should run and on key dates for making future decisions inside the flexible framework.

In most cases, we will also handle the trust's accounts and tax returns. With charitable trusts, we will also ensure compliance with the Office of the Scottish Charity Regulator (OSCR).

From administration to investment strategy
We liaise closely with the investment managers. This allows us to plan the Trust's financial needs, and report performance through accounts and tax returns.

Comment Piece

Stuart Lisgo of Pagan Osborne, commented:
 

“Providing for our children is a financial priority and for many that includes making plans for their education, even though it can leave a large dent in the family finances.

“We find that most parents plan for a child’s private education some time in advance and therefore will put in place savings schemes or trusts that support that aspiration. Inflation, rising costs and unpredictable finances for example when a parent is self-employed, are also an accepted part of life these days and so safety nets, including insurance and protection plans, are quite common.

“However, increasingly, we see parents involving grandparents and the extended family: getting them to contribute to the school fees. This is certainly a response to the rising cost of private education. Where the grandparents often help is through trusts, which can offer tax advantages.

“Many people are increasingly frustrated that school fees are paid out of income that has already been taxed, so once the decision is made to opt out of state education the hard work arises in ensuring that any savings strategy works as efficiently as possible.”

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