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Trust accounts are kept separate from the trustee's personal or business finances.
Trust accounts act as a record of a Trust’s assets and liabilities, and cash transactions. They are an essential part of proper trust management.
Trust accounts, similar to estate accounts are a record of a trust’s assets and liabilities and cash transactions over time. They should also include a synopsis of the trust, detailing beneficiaries and general objectives.
The primary purposes of a trust account are:
Trustees have a legal obligation to maintain accurate trust accounts. They can be quite complex documents and it may well be better for trustees to delegate the task to a solicitor or accountant. Professional trustees, such as solicitors or trust companies, will always be expected to maintain trust accounts in execution of their fiduciary responsibilities.
Our specialist team are experienced in setting up Trusts for clients in line with their personal circumstances. If you would like to speak to a member of the team, please contact 03333 058375 or email wealthprotection@psg-law.co.uk.
Director, Court of Protection & Wealth Protection
t:07497 839796
e: gareth.williams@psg-law.co.uk
Partner, Wealth Protection
t:07301 218133
e: nina.sperring@psg-law.co.uk
Senior Associate, Wealth Protection
t:07399 781788
e: gail.galloway@psg-law.co.uk
Legal Assistant, Wealth Protection
t:07399 565976
e: lydia.palmer@psg-law.co.uk
t:07399 803662
e: marie.fletcher@psg-law.co.uk
Paralegal, Court of Protection & Wealth Protection
t:07957 958134
e: alexandra.hales@psg-law.co.uk
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“Gail has been very professional, polite and quick to respond throughout the transaction. Would happily recommend.” Mick Jennings
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“The whole team has been accessible and very well informed.” Legal 500
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“Gail is my solicitor and has helped me in every stage of my husband’s estate. Because I can no longer write she has simplified things for me and is very approachable whenever I ring, and doesn’t make me feel stupid when I ask stupid questions!” Margaret Borthwick
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"Very personable and friendly, technically very strong and very ethical and client focused." Legal 500
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∕ Wealth Protection
Winding Up A Trust
A Trust can be set up during a person’s lifetime or via their Will. Trusts are used to ensure that...
Deed of Appointment
Appointment and retirement of trustees
Trustee Duties and Responsibilities
Trust Registration
Trust Administration
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