Steps are being taken to ease lockdown restrictions; however, life is still a long way from being back to normal. Following our article in May when we discussed Wills, Probate and Powers of Attorney under lockdown, this article looks in more detail at the...
Why Set Up A Trust?
There are many reasons for setting up a Trust.
They can be a useful and effective tool to determine what happens to assets during your lifetime and after your death. You may want a degree of flexibility that is not available with an outright gift. You may wish to benefit someone who is not old enough to hold assets in their own name or you may wish to have assets administered for someone suffering from a disability. Trusts can deal with these situations in a practical and effective way. Trusts can be a useful way of ensuring that assets are enjoyed by someone during his or her lifetime and then passed to other beneficiaries.
This can be particularly useful when providing for the spouse of a second marriage whilst ensuring that the inheritance of your children from a previous marriage is protected. Trusts can be used to reduce your tax liabilities both during your lifetime and in your Will. Once a trust has been set up, we can administer it for you, dealing with day to day issues such as a change of trustees, as well as preparing tax returns and annual trust accounts. We can advise you on the tax implications of a trust at its creation, during its administration and when it comes to an end.