Once a trust has been created, changes to circumstances may mean that trustees cease acting, and another trustee needs to be appointed in their place. There must always be one trustee but it is often advisable to have at least two, as it is likely that the trust will contain property and it is a legal requirement that at least two trustees deal with its ownership.
How does the process work?
You are invited to a meeting to discuss your wishes which we can conduct via video conferencing. We are equally happy to discuss matters over the telephone or by email. Alternatively, we can meet at our office or your home if that is more convenient for you.
We shall draft the trust deed in accordance with your requirements and send it to you with a full letter of advice. Once you are happy, it can be prepared ready for signature and the settlor and trustees will need to sign it. We are able to store trust deeds in our firm’s storage facility for safekeeping, which we do at no extra cost and we will also provide a signed photocopy for your own records.
How long is the legal process?
We normally aim to send a draft trust deed to you within a fortnight of our initial meeting but if there is particular urgency, we can prepare the document more quickly.
Is it expensive?
We are usually able to provide a fixed fee service for the drafting of most trust deeds and any consequent work, such as the transfer of assets. Please call or email privateclient@grantsaw.co.uk for a quotation.
What are the things people should consider before calling?
You should consider the following:
- The reason for the retirement.
- Who will be appointed as the new trustee.
- The current financial health of the trust.
Why are Grant Saw the best people for the job?
We are the largest private client department in the local area and have a number of dedicated specialists in the team. As a department, we pride ourselves on providing excellent client service, with a friendly and approachable manner and we are frequently instructed by new clients based on recommendations received from our existing clients. We also hold the Law society accreditation for excellence in Wills and Probate, known as WIQS (Wills and Inheritance Quality Scheme), as well as having members of Solicitors for the Elderly and STEP in the team. These are all demonstrative of the expertise and dedication our lawyers have in making sure our clients receive the best advice possible.
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Meet the Private Client team
