What is a trust?

A trust enables people to place assets under the control of others.

They have full responsibility to manage those assets for the benefit of whoever is chosen, according to a set of instructions. This enables:

  • Future ownership and use to be controlled
    • By specifying that property and other assets must be kept within the family and/or only used in particular ways. Assets may be given to charitable organisations for stipulated uses.
    • Through directing how an asset including cash, shares, a house or a family business is used even after it has been sold.
  • Tax to be saved
    • Trusts are treated separately for tax purposes and are assessed independently for inheritance tax, capital gains tax and income tax.
  • Capital to be protected
    • Avoiding the loss of assets if a beneficiary has family or financial problems.
    • Helping a disabled beneficiary look after property or assets.
    • Providing guidance to a young or vulnerable beneficiary in looking after their inheritance.

What shall I do next?

For advice of setting up a trust please get in touch with our expert Wills, Trusts and Probate team at [email protected].

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