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Trust Accounts

Trust accounts are kept separate from the trustee's personal or business finances.

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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.

What are trust accounts?

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.

Why do I need to keep trust accounts?

The primary purposes of a trust account are:

  • Asset management: The trust accounts will provide a central and comprehensive record of all assets held by the trust, making it a lot easier to manage those assets. This is extremely useful when the trust fund is a broad mix of assets and where the trust is taxable.
  • Transparency and accountability: A trustee is obliged to keep and provide details of the trust’s assets to its beneficiaries upon reasonable request. Maintaining clear and comprehensive accounts provides the trustees with the ability to remain transparent in their dealings with the beneficiaries reducing the risk of conflict and adverse allegations over conduct.
  • Distribution of funds: The trust accounts serve as a record of cash transactions meaning not only can it show income and expenditure, which should be tracked and assessed as part of the trustees’ budgeting, it will show all of the distributions made by the trust to its beneficiaries. Again, this is useful for when there is a desire for parity or there were clear preferences expressed by the Settlor in a letter of wishes for distributions to be made in a certain way.

Do trust accounts need to be prepared by a solicitor?

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.

Why choose Price Slater Gawne?

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.

Meet the Team

  • Gareth Williams

    Partner, Court of Protection & Wealth Protection

    Gareth Williams

    t:07497 839796

    e: gareth.williams@psg-law.co.uk

  • Laura Bywater

    Partner, Head of Wealth Protection

    Laura Bywater

    t:07939 121341

    e: laura.bywater@psg-law.co.uk

  • Gail Galloway

    Senior Associate, Wealth Protection

    Gail Galloway

    t:07399 781788

    e: gail.galloway@psg-law.co.uk

  • Lydia Palmer

    Legal Assistant, Wealth Protection

    Lydia Palmer

    t:07399 565976

    e: lydia.palmer@psg-law.co.uk

  • Marie Fletcher

    Legal Assistant, Wealth Protection

    Marie Fletcher

    t:07399 803662

    e: marie.fletcher@psg-law.co.uk

  • Nina Sperring

    Partner, Wealth Protection

    Nina Sperring

    t:07301 218133

    e: nina.sperring@psg-law.co.uk

  • Suzanna Warburton

    Paralegal. Wealth Protection

    Suzanna Warburton

    t:07946 579067

    e: suzanna.warburton@psg-law.co.uk

  • Alexandra Hales

    Paralegal, Court of Protection & Wealth Protection

    Alexandra Hales

    t:07957 958134

    e: alexandra.hales@psg-law.co.uk

What our clients say...

  • “Gail has been very professional, polite and quick to respond throughout the transaction. Would happily recommend.” Mick Jennings


  • “The whole team has been accessible and very well informed.” Legal 500


  • “Top class solicitors, provided a hassle free, professional service… if you’re looking for a firm that really seems to care, charges reasonable fees and doesn’t swallow you up in legal jargon - I’d highly recommend giving them a call.” Anne-Marie Armstrong


  • “I have received a very caring and professional service from both Laura and Gail. All my concerns were answered in a considerate and prompt fashion. Thank you very much.” Justine Abrahams


  • “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


  • "Very personable and friendly, technically very strong and very ethical and client focused." Legal 500


  • "Gareth Williams, can give advice to HNW individuals with complex planning needs and also acts as a professional deputy for individuals who have been awarded significant personal injury and medical negligence claims, technically very strong and has a great understanding of the needs of the client and how to provide the appropriate solutions and service." Legal 500


Get in Touch

If you would like to speak with one of our expert lawyers, just call or email using the information below, or complete this form.

call03333 058375 mailinfo@psg-law.co.uk

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