Wingate are experienced in providing tailored investment advice to trustees and to those who are considering establishing a trust. Not only do we provide advice in managing the investments of a trust, but we also help you fulfil your role as a trustee ensuring that you meet your obligations and legal duties to give you peace of mind. Our advice is independent, and we have advisors who are affiliate members of the Society of Trust and Estate Practitioners (SETP) and Chartered Financial Planners.
Put simply a trust is a legal arrangement where one or more people (the trustees) controls money or assets (called the trust property) which they must use for the benefit of one or more people (the beneficiaries).
Trusts can be very effective in terms of tax planning and controlling how funds are managed and distributed during lifetime or after death. They are set up for a number of reasons, including:
The most important thing to remember as a trustee is that trust assets are not your assets. You are safeguarding them for others, the beneficiaries. As a trustee, you have certain duties and responsibilities. These include:
Our aim is to provide clear financial advice. We have a transparent pricing structure which is exclusively fee based and agreed in advance to ensure our advice is, and remains, entirely impartial and in your best interest at all times.
This is achieved through a “Discovery” meeting where we obtain detailed information to enable a full understanding of the trust objectives and the circumstances of the beneficiaries. Factors that we consider include, the purpose behind the trust, the provisions of the trust documents, the time frame for the investments, the level of risk you are willing or able to take, and taxation.
When making our recommendations we will ensure that:
Once we have received an instruction to proceed with our recommendations we will prepare the documentation required to implement those recommendations.
Ongoing we have a regular trustee review service to update trustees on the performance of their investments, ensure that they remain on track to meet the trust objectives and that they are able to meet their obligations to the beneficiaries.
For trusts that are already established, we provide a review of the existing investments, including analysis and guidance as to the suitability of the arrangements. We provide an analysis of the performance, risk profile, level of diversification, effectiveness of the taxation vehicles used and the level of management charges.
We will report to the trustees following our review and advise on any action which may be required to ensure the efficient operation of the trust.
We understand that the role of a trustee can appear complicated and trustees may feel concerned about this responsibility; we are here to provide our friendly expert advice to ease those concerns.