Consolidating trusts: IHTA 1984, s 81 may hold a solution

For sophisticated families of a certain means the existence and operation of trusts has become an acceptable necessity providing an excellent ownership vehicle for the long-term protection and succession of assets. The benefits of trusts are well-rehearsed and are the reason why trusts endure and are not given up lightly. However the complexity that can go with trusts means clients often tolerate them through gritted teeth.

A trend we see is clients increasingly seeking to assert greater control over their trusts their documents and the family history that goes with them. They want trusts that are more manageable and user friendly. We suspect that the simplification of trusts and through that general trustee business will be a recurring agenda item for many trustee meetings with a reduction in the number of trusts being part of that discussion. The frustration is palpable when...