Lavelle
Partners’ Estate Planning, Wills and Probate team have been managing the
administration and winding up of trusts for over 30 years. There is little doubt that trust
administration can be demanding and complex.
Our team is regularly asked take on the role of trust administrator
thereby taking the pressure off trustees.
Because Lavelle Partners is a full-service law firm, our solicitors can
tap into the combined knowledge of our law practice areas, including taxation,
company law, property and dispute resolution, thereby ensuring they provide the
best possible advice and representation.
What is trust administration?
Trust
administration refers to the management of the assets of a trust by a
trustee. An administrator may be an
individual or an organisation such as a bank, or law firm.
Administration
of a trust may involve a number of tasks including:
- attending
trustee meetings
- administration
of the trust according to the trust deed
- complying
with trustee and management of trusts laws
- investment,
management, and sale of assets
- keeping
accounting records
- managing
distributions to beneficiaries
What is meant by winding up a trust?
A trust is
deemed to have been wound up when all of the assets of the trust are
distributed to the beneficiaries, in accordance with the trust deed. In other words, it is the final stage of
administration.
Why use a law firm to administer a trust?
Trusts are an
essential estate planning tool, ensuring that following generations can benefit
from our assets and property. However,
the process of administration can be onerous for anyone who is not experienced
in such matters, or who does not have the time to undertake the role as fully
as it demands. Because trust solicitors
understand all the aspects of trust law, including the latest rules (i.e. on
taxation), they will ensure the procedure is completed thoroughly and without
risk to the asset value to be received by the beneficiaries. It will also be completed in a procedurally
correct manner, and likely much faster than would otherwise be achieved. In addition, the Solicitor administering the
trust will understand the original intention and wishes behind creating the
trust in the first place.
In short, by
engaging a solicitor to administer a trust and wind it upon completion, the
risks of delay, unnecessary loss of asset value, and breach of administration
duty will be removed.
Why choose Lavelle Partners to assist you with Administration and winding up of Trusts?
- We
are a partner-led firm, meaning the partner you meet will manage your case and
be available to you if you have any questions.
- Our
clients remain with us long-term and most of our new clients come to us via
referrals. In addition, most team members have been with the firm for 15-30
years. We know our clients, their
families, and their businesses inside out and this helps us provide exceptional
service and gives people confidence in the quality of the advice and
representation they receive.
- Our
advice is to the point; we will not ask
you to choose between five different options, we will advise which one will
protect and further your best interests.
- When
it comes to trust and inheritance matters, we always are sensitive and
compassionate in our dealings.
- Nicola
Walsh, our Head of Property, holds a Diploma in Trust and Estate Planning (Law
Society and STEP) 2004.
For further information regarding the administration
and winding up of Trusts in Ireland, please contact Lavelle Partners in
confidence on (01) 644 5800.
