A trust is an arrangement whereby someone (the trustee) is given the
legal ownership of an asset or fund and entrusted to hold it on behalf
of one or more beneficiaries. Trusts are an alternative to gifting
assets or money directly to individuals.
Trusts can provide significant advantages over outright gifts:
Although you normally cannot benefit from
the assets put in trust, the trustees (which can
include you) can retain control over them.
Income from assets can be given to beneficiaries in a trust
to limit the risk of losing the underlying capital due to
their young age, divorce, or bankruptcy.
It is possible that a local authority is unable to consider the
value of a property within a trust in a financial means
assessment for the provision of care fees. A trust should never
be created with this intention.
It is possible to mitigate inheritance tax, capital gains tax
and income tax by placing assets in trust.
From school or university fees to concerns about the effects of
your spouse or partner (re)marrying after you have died, trusts
can offer protection for such scenarios.
Trusts can be included in your Will, to take effect after your death, or can
be created now in your lifetime.
We help identify suitable trusts for your requirements and discuss possible
implications you need to consider as part of your future planning.
Just call us on 07711 618269 to make an appointment.