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Trusts & Private
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Trusts are one of the most powerful and flexible tools in private wealth planning — capable of protecting assets, providing for families across generations, and achieving outcomes that a will alone cannot. We advise on the establishment, administration, and ongoing management of trust structures across jurisdictions.

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Trusts & Private Wealth

Structures that protect what you have built — and give you control over how it is used.

A trust is a legal arrangement in which one person (the settlor) transfers assets to another person or entity (the trustee) to hold and manage for the benefit of specified beneficiaries. The trustee holds legal title to the trust assets, but the beneficial interest belongs to the beneficiaries — and the terms on which those assets are held and applied are governed by the trust deed.

This separation of legal and beneficial ownership is what makes trusts so useful in private wealth planning. Assets held in a properly established trust are not part of the settlor's estate for succession purposes, may offer protection from certain creditor claims, and can be managed according to detailed instructions that a will cannot provide — including instructions about timing, conditions, and the exercise of discretion in circumstances that cannot be anticipated in advance.

"A trust is not a device for evading obligations — it is a sophisticated legal structure for managing wealth responsibly, across time and across families, in ways that reflect genuine intention rather than default rules."

We advise on trust structures that are appropriate to the client's particular situation: the nature of the assets involved, the jurisdiction or jurisdictions in which they are held, the family circumstances and intentions of the settlor, and the ongoing administration requirements the structure will impose. We do not recommend trust structures as standard solutions — we recommend them when they are the right tool for the particular problem.

Our trust and private client practice covers the full range of what families and individuals need: from establishing a new family trust through to advising trustees on their ongoing obligations, reviewing existing trust structures for adequacy, and representing beneficiaries where trust administration has given rise to disputes or concerns.

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At a Glance
Trust types Discretionary, fixed, purpose, bare
Trustee types Individual or professional corporate
STEP certified TEP-qualified solicitors on every matter
Initial step Confidential consultation, no obligation
Related Services Inheritance & Succession Planning Probate & Estate Administration International Estates Trust Dispute Resolution
What We Do

Our trust and private client services.

From establishing a first family trust to advising on complex offshore structures and resolving trust disputes, we cover the full range of what trustees, settlors, and beneficiaries need.

Trust Establishment

Establishing a trust requires careful thought before the drafting begins. The choice of trust type, jurisdiction, trustee, and governing law all have long-term consequences that are difficult and sometimes impossible to undo. We advise on these foundational decisions and then draft trust deeds that are precise, properly tailored, and legally effective in the jurisdictions that matter for the particular structure.

Trust structure and jurisdiction advice Bespoke trust deed drafting and execution Trustee selection and appointment advice Asset transfer documentation and formalities

Trust Administration

A trust requires ongoing administration from its establishment until its termination. Trustees must act in accordance with the trust deed, exercise their discretions properly, maintain accurate records, prepare accounts, manage the trust assets, and deal with beneficiary communications and requests. We assist trustees with every aspect of this continuing obligation, whether as advisers or as active administrators.

Ongoing trustee support and advisory Trust accounts preparation and review Beneficiary communications and distributions Trust deed interpretation and compliance

Trustee Advisory Services

Trustees — whether individual family members or professional corporate trustees — carry personal fiduciary duties that expose them to liability if they are not properly discharged. We advise trustees on the full scope of their obligations: what the law requires, what the trust deed requires, and how to exercise discretionary powers in a way that is defensible and genuinely in the interests of beneficiaries.

Fiduciary duty advice and compliance Discretionary power exercise and documentation Trustee liability and protection advice Trustee retirement and replacement

Asset Protection Structures

Asset protection trusts and related structures can provide a degree of insulation from certain categories of future creditor claim, provided they are established in appropriate circumstances, with appropriate timing, and in jurisdictions with suitable legislation. We advise on asset protection structures honestly — including their limitations — and only where the circumstances genuinely warrant the structure and its costs.

Asset protection trust establishment and advice Jurisdiction selection for asset protection purposes Review of existing structures for adequacy Limitations and risk assessment advice

Trust Review & Restructuring

Trusts established years or decades ago may no longer reflect the settlor's intentions, may be governed by legislation that has changed, or may contain provisions that no longer operate effectively given changes in family circumstances or tax law. We review existing trust structures and advise on whether amendment, resettlement, or termination is appropriate — and how to carry out whichever course of action is right.

Full trust audit and compliance review Trust deed variation and amendment advice Trust resettlement and migration Trust termination and winding-up

Beneficiary Representation

Beneficiaries under a trust have legal rights — including rights to information, to proper accounts, and to challenge the conduct of trustees who are acting improperly or in breach of their fiduciary duties. We advise and represent beneficiaries who are concerned about how a trust is being administered, whose requests for information or distributions have been refused, or who need to bring a legal challenge against a trustee.

Beneficiary rights assessment and advice Information and account requests Trustee challenge and removal applications Mediation and dispute resolution
Trust Structures Explained

The principal trust structures — and what each is designed to achieve.

Different trust structures serve different purposes. The choice of structure is one of the first and most consequential decisions in any trust planning exercise. We advise on which structure is appropriate for your situation before any drafting begins.

Discretionary Trust

Most flexible structure

The trustee holds assets for a class of potential beneficiaries but has full discretion over who receives distributions, when, and in what amount. No beneficiary has a fixed entitlement — the trustee must exercise its discretion in accordance with the trust deed and in the interests of the class as a whole. This structure is the most commonly used for family wealth planning because it allows the trustee to respond to changing circumstances without requiring a formal amendment to the trust deed.

Common uses Multi-generational family wealth holding Flexible provision for beneficiaries with different needs Protecting assets from potential future beneficiary claims Succession planning where future circumstances are uncertain

Fixed Interest Trust

Certain entitlements

Each beneficiary's interest is specified in the trust deed — either a defined share of the trust fund, the right to receive income during their lifetime, or a share on some other defined basis. The trustee has no discretion to alter these fixed entitlements. This structure is appropriate where the settlor has clear intentions about how assets should be allocated and wants those allocations to be binding rather than subject to trustee discretion.

Common uses Life interest trusts providing for a surviving spouse Equal division among children with no discretion required Charitable trusts with defined income distributions Situations where beneficiaries' shares must be certain

Bare Trust

Nominee holding

The simplest form of trust — the trustee holds assets as nominee for a beneficiary who has an immediate and absolute right to both the trust assets and any income they produce. The beneficiary can direct the trustee to transfer the assets at any time. Bare trusts are frequently used to hold assets on behalf of minors (who cannot hold property in their own name), or as nominee arrangements for administrative or privacy purposes.

Common uses Holding assets for minor children until they reach majority Nominee arrangements for privacy or administrative reasons Straightforward asset-holding where complexity is not needed Holding investments on behalf of a single beneficiary

Purpose Trust

Objective-driven structure

A trust established for a specific purpose rather than for the benefit of named beneficiaries. Whether non-charitable purpose trusts are permitted varies by jurisdiction. They are most commonly used in commercial contexts or as the holding structure above a discretionary family trust in a complex arrangement.

Common uses Orphan structure in complex offshore wealth arrangements Holding shares in a private trust company Charitable giving and philanthropy structures Specific commercial purposes in cross-border structures

Life Interest Trust

Lifetime provision

One beneficiary (the life tenant) receives the income generated by the trust fund during their lifetime — or for a defined period. On the death of the life tenant, the trust capital passes to the remainder beneficiaries. This structure is particularly common in wills designed to provide for a surviving spouse while preserving the capital for children — including children from a previous relationship whose inheritance the settlor wishes to protect.

Common uses Provision for surviving spouse, with capital for children Blended family situations requiring careful asset separation Property held for use by one beneficiary but passing to another Income stream planning across two beneficiary generations

Protective Trust

Spendthrift protection

Designed to protect a beneficiary's interest from their own financial difficulties or from creditor claims. A protective trust typically gives the beneficiary an interest in income that automatically converts to a discretionary interest if the beneficiary becomes bankrupt or attempts to alienate their interest. This structure is appropriate where a settlor wishes to provide for a beneficiary who may be financially vulnerable, subject to business risk, or prone to making poor financial decisions.

Common uses Provision for beneficiaries with financial management concerns Protection from future creditor claims by beneficiaries Provision for beneficiaries engaged in high-risk business Long-term support for beneficiaries who cannot manage capital
Understanding the Structure

Settlor, trustee, and beneficiary — the three roles that every trust involves.

Every trust involves three distinct roles, each with different rights and obligations. Understanding how these roles interact is essential before any trust is established — particularly where a family member serves in more than one role, which creates specific legal considerations.

The settlor transfers assets to the trustee, who holds and manages them and distributes benefit to the beneficiaries.

The Settlor

Creates the Trust

The settlor establishes the trust by transferring assets to the trustee and declaring the terms on which those assets are to be held. The trust deed — which the settlor executes — sets out the powers and duties of the trustee, the identity of the beneficiaries, and the rules governing how the trust is to be administered. Once the trust is validly established, the assets no longer belong to the settlor — they are held by the trustee on the terms of the trust.

Must have legal capacity and genuine intention to create a trust Loses ownership of assets transferred into the trust May reserve certain powers in the trust deed Can also be a beneficiary in certain structures Tax and reporting obligations vary by jurisdiction
The Trustee

Holds & Manages

The trustee holds legal title to the trust assets and is responsible for managing them in accordance with the trust deed and the obligations imposed by law. Trustees carry fiduciary duties of the highest standard — they must act in the best interests of the beneficiaries, avoid conflicts of interest, not profit from their position, and exercise their powers with reasonable care and skill. Breach of these duties can result in personal liability to the beneficiaries.

Fiduciary duty to act in beneficiaries' best interests Duty to invest prudently and preserve trust capital Duty to keep accurate records and prepare accounts Duty to act impartially among different classes of beneficiary Personal liability for breach of trust obligations
The Beneficiaries

Receive the Benefit

Beneficiaries hold the beneficial interest in the trust assets — though what that interest entitles them to depends on the type of trust. In a discretionary trust, they have no fixed entitlement; in a fixed interest trust, their share is specified. All beneficiaries have the right to enforce the trust: to require trustees to comply with the trust deed, to seek accounts, and to bring legal action where trustees have acted in breach of their duties. These rights exist regardless of whether a distribution has been made.

Right to information about trust assets and administration Right to proper accounts from trustees Right to enforce the terms of the trust deed Right to challenge trustee decisions and seek remedies Fixed or discretionary entitlement depending on trust type
Choosing a Jurisdiction

Choosing the right jurisdiction for your structure.

The jurisdiction in which a trust is established determines the law that governs it, the regulatory framework it operates within, and the protection it offers to trustees and beneficiaries. For private clients with international connections, the choice of jurisdiction is one of the most important decisions in any trust planning exercise.

The right choice depends on where the assets and beneficiaries are located, the family’s circumstances, and the legal and reporting requirements that apply. These vary by jurisdiction and change over time, so they should be confirmed with qualified local advisers.

We advise on the choice of jurisdiction based on the specific requirements of the structure — not on a standard preference — and coordinate with qualified local practitioners where needed.

Discuss jurisdiction selection
Governing law

The law chosen to govern a trust affects its validity, its flexibility and the duties of trustees.

Recognition

Whether a trust is recognised, and how it is treated, can differ between countries, particularly where assets or family members are located elsewhere.

Assets and beneficiaries

Where assets are held and where beneficiaries live can affect the legal, tax and administrative position.

Regulatory and reporting requirements

Trustee, reporting and transparency requirements differ by jurisdiction and change over time.

Wealth Preservation

How trust structures contribute to long-term wealth preservation.

Trusts are not simply succession tools. Used correctly, they contribute to the preservation and management of family wealth over extended time horizons in ways that direct ownership cannot replicate.

Succession Without Probate

Assets held in trust do not form part of the settlor's estate on death and therefore do not require a grant of probate before they can be dealt with. This means that trust assets can continue to be managed and distributed without the delay and cost of probate proceedings — a significant advantage for liquid assets and those held in multiple jurisdictions where probate would otherwise be required in each.

Protection from Forced Heirship

Many civil law jurisdictions impose forced heirship rules that entitle certain relatives to a fixed share of the estate regardless of the will. Assets held in a properly established trust in an appropriate jurisdiction may be protected from foreign forced heirship claims — allowing a settlor to provide for their family on their own terms rather than according to the law of their domicile or the location of specific assets.

Continuity of Management

A trust can continue indefinitely (subject to applicable perpetuity rules), and the trustee's obligation to manage the trust assets does not cease on the death or incapacity of the settlor. This continuity of management is particularly valuable for assets — such as business interests, investment portfolios, or real property — that require active oversight and would be disadvantaged by a period of administrative uncertainty during probate.

Privacy

Unlike a will, which becomes a public document when probate is granted, a trust deed is a private document. The identity of the trust's settlor, beneficiaries, and assets does not become part of any public record on the settlor's death. For families where confidentiality of wealth arrangements is important — for business, personal, or security reasons — this privacy represents a material advantage over testamentary succession alone.

Protection for Vulnerable Beneficiaries

Direct inheritance gives a beneficiary immediate and absolute control over inherited assets — which may not serve their best interests if they lack financial management capacity, are at risk from third parties, or are at a life stage where a large inheritance would be more harmful than beneficial. A trust allows the settlor to specify conditions, timing, and oversight arrangements that protect beneficiaries from themselves or from others, without denying them the benefit of the inheritance entirely.

Asset Consolidation

Families with assets spread across multiple jurisdictions, held in various forms, and titled in the names of different family members often find that estate administration is complicated, expensive, and slow — precisely because no central management structure exists. A trust can consolidate ownership and management of diverse assets under a single legal framework, simplifying both lifetime management and succession, and reducing the administrative burden on executors and families.

Trustee Obligations

Being a trustee is not a passive role. The obligations are real, personal, and legally enforceable.

Many people accept the position of trustee — particularly in family trusts — without fully understanding what it requires. The duties of a trustee are among the most demanding in the law: fiduciary duties that require the trustee to act in the interests of the beneficiaries, not their own; duties of investment that require prudence and proper diversification; duties of administration that require accurate record-keeping and timely accounting; and duties of impartiality that require fair treatment of all beneficiaries, including those with competing interests.

A trustee who breaches these duties can be held personally liable to the beneficiaries — and cannot ordinarily be indemnified from the trust fund for losses caused by their own breach. We advise both individual and professional trustees on how to discharge their obligations properly, and we represent them when their decisions are challenged.

Fiduciary Duty

The trustee must act exclusively in the best interests of the beneficiaries — not in their own interests, not in the interests of the settlor, and not in the interests of third parties. Any conflict between the trustee's personal interests and their duties as trustee must be disclosed and managed. Self-dealing is prohibited.

Investment Duty

Trustees must invest trust assets prudently — taking appropriate professional advice, maintaining suitable diversification, and balancing the interests of income beneficiaries (who want income now) against remainder beneficiaries (who want capital growth). The standard is that of a prudent person investing on behalf of others.

Record-Keeping & Accounts

Trustees must maintain accurate and complete records of all trust assets, transactions, income, and distributions. They are required to produce accounts to beneficiaries on request and may be required to pass accounts through the court if a dispute arises. Inadequate records are both a breach of duty and a practical obstacle in litigation.

Impartiality Among Beneficiaries

Where a trust has different classes of beneficiary — income beneficiaries and capital beneficiaries, or current and future beneficiaries — the trustee must act impartially between them. Decisions that benefit one class at the expense of another may constitute a breach of duty, even if individually reasonable when considered in isolation.

Duty to Act Personally

Trustees must exercise their discretions personally — they cannot simply delegate decision-making to a third party or follow instructions without independent consideration. While professional advisers may be appointed and their advice followed, the trustee remains responsible for the decision. This duty is particularly important in discretionary trusts where the trustee's judgment is central to the trust's operation.

Frequently Asked Questions

Common questions about trusts and private client structures.

Do I need a trust, or will a well-drafted will achieve the same result?
For many people, a well-drafted will — particularly one with appropriate provisions for different classes of beneficiary — is entirely adequate. A trust is the right answer when a will cannot achieve what is needed: where assets must be managed across generations without the constraints of a fixed distribution; where the succession needs to occur without probate; where privacy is important; where beneficiaries need ongoing oversight rather than a direct inheritance; or where assets in multiple jurisdictions require a single management structure. We advise honestly on this question — trusts are not the right tool for every situation, and they carry ongoing administration costs that a will does not.
Can I be both the settlor and a beneficiary of my own trust?
In many jurisdictions, yes — a settlor can be included as a potential beneficiary in a discretionary trust, particularly in offshore structures. However, this creates legal and practical complications, particularly in asset protection contexts: a trust where the settlor retains significant control or benefit may not effectively separate the assets from the settlor's estate, and may be vulnerable to challenge by creditors. The extent to which the settlor can retain control and still benefit from the trust depends heavily on the jurisdiction and the specific terms of the trust deed. We advise carefully on these boundaries before any structure is established.
How long does a trust last and how is it brought to an end?
The permitted duration of a trust varies by jurisdiction: some limit how long a trust may last, while others allow trusts to continue indefinitely. A trust may be brought to an end when its purpose has been fulfilled, when any applicable period expires, when the beneficiaries entitled to do so agree to its termination, or with the court’s permission. The right approach depends on the trust deed and the governing law.
What are the reporting and compliance obligations for trusts?
Reporting and compliance obligations depend on the structure, the jurisdiction and the identities and residencies of the parties involved. They can include anti-money laundering and beneficial ownership transparency requirements, as well as reporting under international tax information exchange frameworks. These requirements differ between jurisdictions and change over time. We advise on compliance requirements as part of any trust establishment or administration engagement, coordinating with local advisers where needed.
What can I do if I am a beneficiary and the trustee is not acting properly?
Beneficiaries have a number of remedies available where trustees are failing to fulfil their obligations. These include: requiring the trustee to produce accounts and information about the trust; applying to the court for an order compelling the trustee to act in accordance with the trust deed; applying for the removal and replacement of the trustee; and bringing a claim for compensation where the trustee's breach has caused loss to the trust fund. The appropriate course of action depends on the nature and seriousness of the breach and on whether the matter can be resolved without litigation. We advise beneficiaries on their options and represent them in proceedings where necessary.
Is a trust recognised in other countries?
Whether a trust is recognised in another country depends on that country’s domestic law and its rules on conflicts of law. Some legal systems are familiar with the trust concept and recognise it readily; others may not recognise it in the same way, or may subject trust assets to local succession or forced heirship rules regardless of the trust’s terms. Where a trust is intended to operate across jurisdictions, we advise on how it is likely to be treated and coordinate with local counsel where needed.
Need advice on a trust matter?

Trust law is technical. The right structure for your situation is not always the most obvious one.

Whether you are considering establishing a trust, need advice as a trustee, have concerns as a beneficiary, or want to review an existing structure, our TEP-qualified solicitors are available for an initial consultation. We give direct, practical advice on trust matters without unnecessary complexity.

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Speak with a Solicitor

Trust questions are best answered early — before a structure is established, not after.

The decisions made at the outset of any trust arrangement are the most consequential — and the most difficult to reverse. Our TEP-qualified solicitors provide clear, specific advice on trust structures, trustee obligations, and private client wealth arrangements. Initial consultations are confidential and without commitment.

✓ TEP-qualified solicitors on every trust matter
✓ Cross-border jurisdiction coordination
✓ All matters handled in strict confidence

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