Later Life Choices

What is a Trust?

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Put simply, a trust is a legal agreement that describes how assets can be passed from your ownership (gifted) to be held for the benefit of another person (beneficiary). Therefore a trust can effectively allow you give away your assets to whomever you choose whilst allowing you to stipulate how or when they will benefit.

 

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Why Use Trusts in estate Planning?

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The many types of available trust can help you:

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• Reduce your inheritance tax liability

• Preserve assets for children from a previous marriage.

• Protect a spouse's financial future by providing lifetime income

• Pass assets to grandchildren where your children are already wealthy in their own right.

• Prevent children from inheriting assets before reaching adult age, such as 18 or 21.

• Make gifts to charities.

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Trust planning is a specialised area of financial planning and it is important to get advice from experienced and qualified advisers. Contact us to see how trust planning might benefit your estate planning requirements.

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