Trusts?

Learning about trusts

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Hello,

I currently work in a small practice with an extremely limited exposure to trusts. As such I have very little knowledge about trusts, and the word itself in the professional context makes me nervous.

I would like to gain a basic understanding of trusts and their tax implications so I can add more value to my clients. 

Disclaimer - I'm not going to be advising my clients on trusts but what I hope to gain from the knowledge is that it will allow me to pass clients over to the relevant specialists where necessary or at least have a meaningful conversation with my clients about trusts.

Does anyone have any good resources to get started on i.e. good books to read (assume little-no knowledge) or videos? I appreciate I can just google trusts and there is an abundance of information available but I'm looking for something specific.

Any direction/advice is greatly appreciated. 

Replies (11)

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By Paul Crowley
20th Jul 2022 13:13

Trusts are a specialist area
Leave it to the specialists

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Replying to Paul Crowley:
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By IWantToLearn
20th Jul 2022 14:44

Paul Crowley wrote:

Trusts are a specialist area
Leave it to the specialists

Thank you for your input Paul. As mentioned in my OP, I do not wish to advise on trusts or anything of that nature. I wish to have a basic understanding of them in order to let my clients know when it may be wise to seek specialist advice.

Having no knowledge of trusts is not something I will be happy with.

Thanks (3)
Jane
By Jane Evans
20th Jul 2022 13:21

Look on STEP website.
https://www.step.org/

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Replying to Jane Evans:
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By Jekyll and Hyde
20th Jul 2022 13:56

was going to say the same thing. You may not want to do the qualifications, just dip into some of the courses

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Replying to Jane Evans:
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By IWantToLearn
20th Jul 2022 15:17

Jane Evans wrote:

Look on STEP website.
https://www.step.org/

Thank you.

Jekyll and Hyde wrote:

was going to say the same thing. You may not want to do the qualifications, just dip into some of the courses

Cheers, that's helpful. Yeah, I do not want to do any qualifications in the near distant future but dipping into courses wouldn't be a bad idea.

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By Hometing
20th Jul 2022 14:53

One option would be to consider doing just the IHT, trusts and estates ATT paper for understanding and apply for a certificate of competency thereafter

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Replying to Hometing:
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By IWantToLearn
20th Jul 2022 15:22

Hometing wrote:

One option would be to consider doing just the IHT, trusts and estates ATT paper for understanding and apply for a certificate of competency thereafter

Many thanks, I am currently CTA qualified (very recently). Not sure if I would the be allowed to then do ATT paper - I guess I cannot see a reason why I wouldn't be..

I may just purchase the study material from one of the tuition providers i.e. Kaplan/BPP. I think they offer courses with materials for circa £400.

Thanks again.

Thanks for your help.

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Replying to Justin Bryant:
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By IWantToLearn
22nd Jul 2022 07:37

Thank you for that

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By leeanthonyblackshaw
20th Jul 2022 21:00

Drafting Trusts and Will Trusts by James Kessler QC (even an old copy on discount), although a legal book, is a great resource on trust basics onwards; written in a very clear and readable style.

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Replying to leeanthonyblackshaw:
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By IWantToLearn
22nd Jul 2022 07:38

Helpful, thank you Lee!

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