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Demystifying Trusts: Answers to Google’s Top Questions with Ben Rosen

In the video, private wealth & tax partner Ben Rosen tackles the most-searched public queries around one of the most frequently misunderstood vehicles in wealth planning–trusts. Following the response to our video on Diary of a CEO‘s tax debate, it became clear from the online commentary that people are unfamiliar with how they operate, particularly regarding taxation, asset protection, and on the death of a family member. Ben steps in to clarify.

Why are trusts used?

One of the most common misconceptions is that trusts exist primarily to avoid tax. In the UK, this simply isn’t the case. While tax considerations may come into play, trusts are fundamentally tools for succession planning, helping individuals preserve and manage wealth across generations.

Ben illustrates this with a relatable scenario: Imagine a successful business owner with two children, one actively involved in the business, the other not. The family may have concerns about inheritance being affected by potential issues like divorce, bankruptcy, or addiction. A trust can provide a balanced, protective structure, allowing the parent to support both children while safeguarding the longevity and values of the family business.

Why are trusts seen as complicated?

This often depends on who you ask. At their core, they are not complex. They are not standalone entities, but rather legal relationships between:

• The trustees, who look after the trust assets in accordance with the trust deed; and
• The beneficiaries, who can benefit from those assets.

The trust deed is a legal document outlining the powers and responsibilities of the trustees. Often accompanying this is a letter of wishes, a non-binding document that guides trustees on how to exercise their discretion in line with the settlor’s values and intentions.

The complexity often arises from legal terminology, not the concept itself. As Ben points out, understanding the “code” behind the legalese can make things clearer, something lawyers are trained to do for their clients.

Why are trusts so expensive?

Trusts exist on a spectrum. Some, like bare trusts, are straightforward and inexpensive. These might simply hold assets until a child reaches 18. Others, especially those involving complex family dynamics, business interests, or long-term planning, require tailored legal and tax advice, which can increase costs. The level of complexity, and therefore expense, should reflect the needs and goals of the person setting up the trust.

Why are trusts allowed?

Trusts are not shadowy loopholes; they are lawful, regulated structures. In the UK, most trusts must be registered with HMRC’s Trust Registration Service (TRS). This ensures transparency and compliance with financial and anti-money laundering regulations. Trusts are allowed within strict legal boundaries, and their existence supports legitimate planning needs, particularly where families are navigating intergenerational wealth or complex personal circumstances.

Final Thoughts

As Ben make clear, the purpose of trusts is not to game the tax system, but to provide flexible, legally recognised ways to protect assets, plan for the future and honour family wishes. When designed and administered properly, trusts are not about secrecy, they’re about clarity, control, and care. 

Watch the full video to hear Ben’s answers in depth and understand why, far from being loopholes for the wealthy, trusts are vital tools for anyone navigating life’s complexities with foresight.

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Quastels Acts for Gerald Edelman on Their Acquisition of Vista Partners

Quastels LLP is delighted to have acted for Gerald Edelman on their acquisition of Vista Partners.

Founded in 1946, Gerald Edelman is a London-based accountancy and business advisory firm with over 20 partners, serving middle-market companies across the UK and internationally. The firm offers a comprehensive range of professional services, including accountancy, auditing, tax planning, corporate finance and strategic business advice. Vista Partners is a long-established accountancy and tax advisory firm based in Redhill. The firm provides a full range of services including accounting, audit, tax compliance, business advisory, and personal tax planning, primarily supporting owner-managed businesses and SMEs across Surrey, Sussex, and the South East.

Quastels LLP, led by corporate partner Adam Convisser, oversaw legal due diligence, transaction structuring and execution. Adam was supported by colleagues in the corporate, commercial real estate and employment teams showcasing our strong cross-departmental collaboration.

“We are thrilled to have completed the acquisition of Vista Partners. It was a pleasure to work with Adam and the Quastels team. Their advice was invaluable and they put in the extra hours to ensure we got the deal over the line, for which we are very grateful. We look forward to working with the team again in the future on other projects.”

– Nick Wallis

Congratulations to Gerald Edelman and the whole team at Vista Partners, we look forward to seeing your continued success.

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The Rising Cost of Employment: Will Businesses Turn to AI and Outsourcing?

This article was published in the March/April 2025 edition of London Business Matters.

The forthcoming increase to national insurance (NI) to 15% and the lowering of the threshold from £9,100 to £5,00, means that businesses are facing a significant increase in their payroll costs. With increased workers’ rights under the Employment Rights Bill (ERB) also set to be rolled out over the next 12-24 months, businesses are assessing their workforce strategies, and AI adoptions and outsourcing are emerging as key considerations.

Businesses that may have been considering AI automation are now giving serious consideration to its’ value not only from a cost saving perspective but also an employment risk perspective. We are already seeing how basic administrative and routine tasks can be AI generated; customer service AI-powered chatbots and virtual assistants are fast replacing human agents for handling routine enquiries and AI tools are used to streamline hiring processes, automating CV screening, interview scheduling and even employee onboarding. Professional services industries are also not immune from the allure of AI with financial reporting, invoice processing and payroll management being automated reducing the need for manual intervention.

Businesses are also contemplating outsourcing tasks, not only as a cost saving measure but also to reduce their exposure to employment claims associated with upcoming changes under the ERB. The proposals include introducing day one unfair dismissal rights, extending the eligibility period for making a claim from 3 months to 6 months, restricting the circumstances in which an employer can vary employment terms and many other changes.

Outsourcing allows businesses to access lower labour costs and avoid the pressures of employment compliance, which is expected to have a greater impact on SMEs. Offshoring functions such as IT support, accounting and back-office operations gives businesses the opportunity to scale operations up and down more flexibly without the complexities and inherent risks associated with the hiring and firing of staff.

While job cuts in many sectors are likely, labour-intensive industries such as retail and hospitality are expected to be impacted the most. Those working part-time or on the lowest hourly pay, who were previously not eligible for employer NI, will now be brought into the fold from April 2025 and businesses will inevitably be looking to reduce headcount.

As businesses contemplate various strategies to manage increased costs and risk, a balance must be struck with maintaining quality service and a skilled workforce in what remains an increasingly competitive market.

To contact our Employment team, please complete the form below.

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