Trusts & Executorships Advice
Get in touchAt Professional Accountants, we offer tailored advice and support for individuals and families and across the UK who are looking to protect their assets, plan their estates, or appoint reliable executors and trustees.
Whether you’re setting up a discretionary trust, managing tax liabilities, or navigating probate duties, our experienced team can help ensure your wealth and wishes are protected for the long term.
What Do Trusts and Executorship Services Cost?
The cost of trusts and executorship services ranges from £500 to over £15,000, depending on trust complexity, estate size, and ongoing administration requirements.
Costs are primarily influenced by factors such as the type of trust being set up (e.g., discretionary, life-interest), the value and diversity of assets, trustee and executorship involvement (fixed, hourly or percentage-based), and whether specialised services (tax strategy, property management, international assets) are required.
Contact Professional Accountants to get customised prices for your estate and trust planning needs.
Why Are Trusts a Valuable Estate Planning Tool for Families?
Trusts and executorships offer families a structured way to protect and distribute assets during life or after death. They help control how wealth is passed on, offer protection against financial mismanagement or future disputes, and can provide for vulnerable beneficiaries or minors.
Inheritance tax planning is another key reason to use trusts—they can help reduce exposure to 40% tax by placing assets outside the taxable estate if structured correctly. Whether you’re planning for future care needs, second marriages, or generational wealth transfer, trusts provide flexibility and peace of mind.
What Types of Trusts Are Commonly Used to Protect Wealth?
Families and individuals use a range of trust and executorship structures to safeguard assets and manage inheritance efficiently, including:
Discretionary trusts – Allow trustees full control over how and when assets are distributed among beneficiaries.
Bare trusts – Hold assets on behalf of a beneficiary, often a child, who gains full ownership at age 18 (or 16 in Scotland).
Life interest trusts – Provide income or benefits to one individual during their lifetime, with the capital passing to another beneficiary later.
Interest in possession trusts – Grant a beneficiary the immediate right to income generated by the trust assets.
Family trusts – Used to protect family wealth across generations while maintaining control over how assets are used.
Charitable trusts – Established to support chosen charitable causes with tax-efficient benefits.
Trusts within wills – Activated upon death to manage how estate assets are distributed and protected for beneficiaries.
Do Trust Services Include Setup, Administration, and Tax Compliance?
Trust and executorship services typically cover the full lifecycle of a trust—from drafting documentation and registering with HMRC, to managing trustee duties and submitting tax returns.
Trusts have specific compliance requirements, including filing trust tax returns (SA900), maintaining records, and reporting to HMRC’s Trust Registration Service (TRS). Advisors can handle annual accounting, beneficiary reporting, and inheritance tax calculations to ensure the trust remains fully compliant over time.
What Is the Role of a Professional Executor in Managing Estates?
A professional trust executor is responsible for managing the administration of a deceased person’s estate, ensuring that their will is followed correctly and all legal duties are fulfilled. This includes applying for probate, collecting and valuing assets, paying debts and taxes, and distributing inheritance to beneficiaries.
Appointing a qualified executor—such as an accountant or trust advisor—can prevent delays, disputes, and administrative errors, especially in cases where the estate is complex or there are concerns about impartiality among family members.
Is Setting Up a Trust a Cost-Effective Way to Minimise Inheritance Tax?
Trusts and executorships can be an effective tool for inheritance tax planning as certain trusts, including discretionary trusts or bypass trusts, can be structured to remove assets from the taxable estate, allowing families to pass on more wealth to the next generation.
Additionally, placing life insurance policies in trust ensures payouts are received outside the estate and not subject to inheritance tax. The cost of setting up and maintaining a trust is often outweighed by the potential tax savings and asset protection benefits it offers.
Can Executors and Trustees Work With Solicitors and Financial Advisors?
Professional executors and trustees often collaborate with solicitors for legal documentation and probate matters, as well as independent financial advisors (IFAs) for investment management and wealth planning.
This team-based approach ensures every aspect of the estate or trust is managed appropriately—from tax strategy to family considerations. Working with trusted professionals also helps coordinate timelines and reduces the risk of conflicts or oversight during the administration process.
How Are Beneficiaries Protected Through Proper Trust Management?
Properly managed trusts and executorships safeguard beneficiaries by ensuring assets are distributed according to the settlor’s intentions, while also complying with legal and tax requirements.
Trustees have a fiduciary duty to act in the best interests of beneficiaries, and professional oversight ensures this duty is fulfilled without bias or error. For vulnerable individuals, such as minors, disabled beneficiaries, or those with financial difficulties, trusts offer a structured way to provide ongoing support while protecting the underlying capital from misuse or external claims.
Contact Professional Accountants for a consultation on getting trust and executorship advice.