Trust Creation can help with safeguarding your assets
A trust can be used for many reasons. They can be used as part of lifetime estate planning to pass assets to younger generations or to protect business assets or farming assets. Trusts can safeguard assets from second marriage; protect personal injury damages and preserve inheritance for vulnerable dependants. Trusts can also be included in a Will as part of future planning.
They come in many shapes and sizes and they all have different requirements for administration, responsibilities for trustees and tax compliance. They can be called different things according to what they do. You may have heard of bare trusts, asset protection trusts, discretionary trusts, disabled person trusts, will trusts or personal injury trusts.
Not all trusts need to be complicated but it is important to fully understand how they work and what is required to prevent mistakes and problems in the future.
We have many years of experience in creating, administering and supporting trustees with trust management. If you are not sure which direction to go in or what to do next please give us a ring and let us help.
What is a Trust?
A trust can be set up in your lifetime or in your Will. A trust is created when a person (“the settlor”) gives assets to other people (“the trustees”) to hold, not for their own benefit, but for the benefit of others (“the beneficiaries”).
What are the benefits of placing assets into a Trust?
- minimising tax, either during your lifetime or as part of your Will planning
- a vehicle to pass property over to family members at a certain age or to provide additional protection to a vulnerable beneficiary
- protecting funds to be used for a specific purpose such as grandchildren’s education or assistance with a deposit for the purchase of a property
- safeguarding money obtained during an injury claim and helping to ensure that state benefits are not lost