A trust is legal ‘vehicle’ that allows any asset (for example property, shares and/or money) to be placed under the control of nominated trustees or a trust company. The trustees then administer the assets for the benefit of those named in the trust. These people are known as beneficiaries. Trusts can be set up during a person’s lifetime or after death through a person’s Will. This is a great way of managing and protecting assets now to minimise inheritance tax on death or to protect the financial position of vulnerable beneficiaries.
Property transferred into a trust is taxed independently from an individual’s personal estate for income tax, capital gains tax and inheritance tax purposes.
Some of the reasons for having a trust are:
If you are making a will with us, trusts will be discussed with you. However, you don’t need a will to set up a trust. Please contact us to arrange an appointment at our clinic for a FREE chat without any commitment if you would like to discuss whether a trust is something that might help you or your family.