January 9, 2020
Why you should make a Will
There is a common misconception that there is little or no merit in making a Will and it is easier to leave it to the laws of intestacy to decide...
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 35+ 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.
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:
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.
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.
For further information regarding the administration and winding up of Trusts in Ireland, please contact Lavelle Partners in confidence on (01) 644 5800.
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