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Trusts
A Trust is a formal transfer
of assets (such as property, shares or cash) to a small group of
people or to a trust company with instructions that they hold the
assets for the benefits of others.
There are a number of reasons for setting up trusts including reducing
inheritance tax, determining how our children and grand children
will have access to your assets or even setting up a charitable
trust.
There are two main types of trust:
Interest in Possession Trust - where the income
or benefit must be given to a specific beneficiary
Discretionary Trust - there are different variations
of this type of trust but usually the benefits are allocated at
the trustees discretion to any one or more beneficiaries.
This can be a very complicated topic, but it is important that you
take specialist advice to set up a trust that best suits your needs.
Download a free information sheet that explains more about
Nil
Rate Band Discretionary Trusts.
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