A Trust is an arrangement where someone or a group of people are made responsible for assets intended for the benefit of other people.
A Trust enables your Trustees to control how your assets are distributed after you die. Whether you simply want to support your loved ones or have complex assets setting up a Trust may be the solution.
Why might I need a Trust?
- Avoid Inheritance Tax
- Provide a regular income for loved ones
- All assets are protected from debt collection
- Greater control over how assets are distributed
Reasons to have a Trust
Provide for your loved ones:
Setting up a Trust allows you to continue to support your loved ones by deciding exactly how your possessions are distributed. For example, you can set up a Trust to ensure they receive a regular income.
Freedom of choice:
A Trust gives you more flexibility regarding the manner in which your assets are distributed. You can decide for yourself exactly what the right way is for your loved ones to benefit from your assets.
Manage your assets:
If you have investments that you would like your loved ones to benefit from, but do not want to burden them with the financial management involved, you can set up a Trust so that somebody who has the relevant knowledge takes care of that side of things.
If you’re worried about Inheritance Tax, you’ll be pleased to know that you can lessen the effect that it has on your loved ones as certain types of Trust come with a number of tax advantages.
Although setting up a Trust can assist with certain issues, setting up and managing one can result in a considerably large amount of work. We can help you and your loved ones manage this work in a number of ways.
If you would like advice regarding Trusts, please contact our experienced Wills and Probate team today on 033 3344 9606 or 033 3344 9600 or complete our online contact form.