Trusts are a popular way of protecting and managing your assets, including money, investments and property on behalf of one or more beneficiaries. When setting up a Trust it is advisable to appoint more than two individuals as trustees.
Trusts are very versatile and you can tailor them to meet your family’s needs.
Why set up a Trust?
- To reduce personal tax liability
- To provide financial support to a loved one who lacks the ability to manage their own affairs
- To pass on your estate to beneficiaries without having to extract a Grant
- To gift money to minors who are too young to look after it
Which Trust is right for me?
- Bare trusts are often used to pass assets to children/grandchildren.
- Interest in possession trusts (also known as life interest trusts) are often used for people who need a steady flow of income.
- Discretionary trusts are often used to help people who lack the capacity to manage money for themselves.
- Personal Injury Trusts are often used to safeguard your compensation to ensure it is not taken into account for state benefit assessment purposes.
At Worthingtons we can provide you with advice on which Trust is best suitable for you and advise you of the duties and responsibilities involved in managing a Trust.