What is a trust?
Many people use trusts as a flexible way of leaving assets behind without directly passing them to the beneficiaries. You can start a trust at any point and they can be used for;
- • Looking after assets for beneficiaries who are unable to do so at the time of inheriting them, usually a child under the age of 18 or a mentally incapacitated dependant.
- • To ensure a family business remains within the family.
- • To reduce the risk that the beneficiary will lose the asset (e.g. through divorce or bankruptcy).
- • To provide an income for one beneficiary (e.g. a spouse) whilst retaining the capital for the benefit of others (e.g. children or grandchildren)
- • It can also form part of your tax plans to help reduce potential tax liabilities and may be created as part of your will.
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