A Trust is set up by an individual(s) for asset protection and tax planning purposes. It is a separate entity from your own assets and can be utilised for Inheritance Tax planning and management of assets for your family.
Trusts can allow individuals to better provide for their family, such as vulnerable beneficiaries. It can also be a useful opportunity for second marriages and relationships where individuals want to ensure their own children benefit, rather than those from the second marriage or relationship.
The reasons behind a Trust need to be clear. You should consider who you want to benefit, when you want the individuals to benefit (this can be different for income and capital) and who should run the Trust (they are called Trustees).
Our team can discuss your particular situation, advise and guide you through the process.
- Setting up Trusts
- Trust management
- Trust accounting