Dealing with a tax inefficient trust

In this case we helped the trustees to apply for clarification of unclear wording in a trust. The trust was amended so that it could be interpreted to give a more tax efficient outcome for the beneficiaries; helping them to save money.

If the unclear wording not been changed, the trustees would have risked being sued for ‘breach of trust’ for failing to properly administer the trust and for failing to ensure tax efficiency. The application was approved by the court without the need for a court hearing. This was a simple, quick and far cheaper resolution for the trustees.