A Practical Guide to Ending a Trust
- Podcast Location:
- Download it here [file size: 20.6 MB]
- Categories:
-
Trusts & Charities
- CPD Points:
- Up to 1 point. details »
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- Length:
- 30 minutes of audio
(+ optional 5 minute online quiz) - Plays on Computer:
- Yes Downloadable as MP3: Yes
- Contributor(s):
- Course Aims:
This podcast looks at the reasons why trusts end and how trustees can prepare themselves and the beneficiaries for the consequences of a dissolution and the distribution of trust assets. It will cover how trustees should go about distributing assets and to which beneficiaries, the tax consequences of a distribution and how a trustee can protect himself from liability and the mechanics of a distribution of trust property.
- Outcomes:
- After completing the course you will:
- Be aware of the reasons why trusts end;
- Know how beneficiaries come by their entitlement to call for the dissolution of the trust;
- Be aware of how a trustee should go about selecting which beneficiaries to distribute to;
- Be aware of the tax consequences of dissolution for trustees and beneficiaries ;
- Know how trustees can go about protecting themselves from prospective liabilities after the trust has ended;
- Be aware of the trustees’ powers of advancement and how they can be used ass a substitute for dissolution of the trust;
- Know about how a trustee goes about distributing individual assets or shares in trust property to beneficiaries, either absolutely or on new trusts;
- Be aware of the key issues when tying up loose ends following the dissolution.
- Level:
- Beginner
- Classification:
-
Practical Guide
- Sources and References:
-
- Saunders v Vautier (1841) 4 Beav 115;
- Variation of Trusts Act 1958;
- Trustee Act 1925 s27, 31, 32;
- CPR Rule 64.2(a);
- Administration of Justice Act 1985 s48;
- Taxation of Chargeable Gains Act 1992 s71(2)(a), 168(7), 260;
- Pilkington v Inland Revenue Commissioners [1964] AC 612.
This podcast is about the steps and considerations that are relevant for trustees and their advisors when ending a trust and distributing assets to the beneficiaries.
Podcast added: 11/03/10
