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Setting up a Trust for your family for example, requires the assistance of an expert. Family trusts example, are often used to make provision for children or grandchildren. Money (and/or other assets) is transferred to trustees. It is then administered by them until the children are grown up, and the fund is then transferred to (at a specified age). While the trust is running, it is able to provide money to help with School fees, University and other forms of education. There are, of course, many other types of family trusts and we have the expertise to advise you on the most appropriate set up for your needs.
Some of the common uses for trusts are to:
Help in Inheritance Tax planning
– a trust can hold investments, life policies, pension benefits, private company shares, and such like outside the estate of an individual, or their family, to help reduce or save for future tax.
Support charitable purposes
– using a charitable trust with corresponding tax benefits.
– due to any children until they are old enough to fully take control of it.
Protect capital for children
– Provide under an individual’s Will that if their spouse or partner marries again they’ll be entitled to the income from the estate, but not to the capital, so the capital will ultimately pass on to the individual’s own family.
Provide protection for a vulnerable individual
– perhaps because of lack of mental capacity.
A trust is a legal arrangement where an individual (the Settlor) transfers assets to specific people (the Trustees) to control, look after and, where appropriate, administer for the benefit of a specified person or group of people (the beneficiaries). Legally, the Trustees make all the decisions about the assets but must act in the best interests of the beneficiaries and in accordance with duties and powers set out in legislation and any Trust Deed. A Trust Deed is the document that sets up the Trust.