Trusts

A Trust (sometimes called a Settlement) 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 benefit of others.

Trusts are used in many situations from assisting with long term care fees to taking receipt of death in service benefits and other lump sums payable on death to mitigate Inheritance Tax. They are often used to preserve assets for future generations.

We can advise you as to the most suitable trust(s) for your needs and provide advice on the management of the trust in the future. We can also assist in the administration of the trust, such as providing the relevant papers for making contributions. We will provide tax advice throughout and work with your current advisors to ensure that the arrangements entered into are the best option for your personal circumstances. We are able to advise in relation to disabled trusts and also charitable trusts.

There are currently two main types of trust:

Interest in Possession Trust - where the income or benefit must be given to a specific beneficiary or beneficiaries.

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.

For more detailed information see the"Wealth Management & Tax Planning" section.