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Winding Up a Trust

Careful administration, documentation, and compliance with legal requirements will ensure a proper and fair conclusion of the trust.

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When a trust reaches the end of its life, it needs to be ended or ‘wound up’, by the final distribution of the trust’s assets and the fulfilment of any remaining obligations.

What does it mean to ‘wind up a trust’?

To wind up a trust means to bring it to a close or terminate its existence. This involves distributing the trust’s assets to the beneficiaries, settling any outstanding obligations, preparing final accounts and obtaining releases from beneficiaries. It requires careful administration, documentation and compliance with legal requirements to ensure a proper and fair conclusion of the trust.

How do I wind up a trust?

  • Review the trust document: Examine the trust document to understand the specific provisions regarding the termination or winding up of the trust. It may outline the conditions under which the trust can be concluded.
  • Notify beneficiaries and interested parties: Inform the beneficiaries and any other interested parties that the trust is being wound up. Provide them with the necessary information and documentation regarding the process.
  • Gather and value trust assets: Take an inventory of all the assets held within the trust. Evaluate their value and determine their distribution according to the terms of the trust document.
  • Settle outstanding obligations: Pay off any remaining debts, taxes or expenses owed by the trust. This includes satisfying any outstanding liabilities or obligations of the trust before distributing the remaining assets.
  • Prepare final accounts: Prepare final accounts that provide a clear record of the trust’s financial transactions including income, expenses and distributions. These accounts may require review and approval by the beneficiaries or a court, depending on the jurisdiction and trust provisions.
  • Distribute trust assets: Allocate and distribute the remaining assets of the trust to the beneficiaries as specified in the trust document. Follow the provisions and instructions outlined in the trust to ensure fair and appropriate distribution.
  • Obtain releases and waivers: Seek releases or waivers from the beneficiaries, indicating their agreement and satisfaction with the distribution. These documents confirm that the beneficiaries release the trustees from any further claims or liabilities relating to the trust.
  • File necessary documents: Submit any required legal or administrative documents to formally conclude the trust. This may include filing tax returns, providing final accounts to relevant authorities or submitting a termination statement to the appropriate jurisdiction.
  • Record keeping and documentation: Maintain proper records and documentation of all actions taken during the winding-up process. This includes keeping copies of final accounts, releases, waivers and any other relevant correspondence or paperwork.

Why choose Price Slater Gawne?

It’s crucial to consult with legal professionals who specialise in trust administration to ensure compliance with legal requirements and the specific provisions of the trust. The process of winding up a trust can vary depending on the jurisdiction and the complexities of the trust itself.

Our specialist team is very experienced in winding up trusts. 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

  • Laura Bywater

    Partner, Head of Wealth Protection

    Laura Bywater

    t:07939 121341

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

  • Gareth Williams

    Partner, Court of Protection & Wealth Protection

    Gareth Williams

    t:07497 839796

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

  • Nina Sperring

    Partner, Wealth Protection

    Nina Sperring

    t:07301 218133

    e: nina.sperring@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

  • 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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