Administration and Winding Up of Trusts
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.