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Trusts can be a very effective mechanism for protecting and sheltering assets for future generations. The creation of trusts is often perceived to be a matter reserved for people with high levels of wealth but in truth they are very commonly used.
What is a Trust?
Trusts are based on a very simple legal concept - the separation of formal legal ownership of an asset from the beneficial ownership / entitlement to the enjoyment of the asset. Trusts are especially useful when looking at succession planning, that is, how money and assets should pass from one generation to another.
Trusts can be created during your lifetime or on your death via your Will. Examples of family circumstances when trusts are often used include:
- to provide for your spouse / partner after your death while also protecting the interests of your children; this is especially important for families where there are children from previous marriages.
- to protect the inheritance of young children until they are old enough to take responsibility for their own affairs
- to provide for vulnerable relatives who are, or may become, unable to look after their own affairs;
- to help succession planning in a family business
Trusts are also useful to hold benefits flowing from life insurance policies and lump sum pension payments.
The creation of trusts can be a complex area and taking specialist advice is key. We take a collaborative approach to work with your accountants and/or tax advisors to ensure that the arrangements being created are proportionate in the circumstances and meet your long-term objectives.
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