Estate Planning
5 minute read

An introduction to Trusts

Written by
Jeremy Askew
Published on
June 17, 2024

This is About Safeguarding Your Legacy

Trusts are a bit like secret agents for your assets – they work behind the scenes to protect your wealth and ensure it's used according to your wishes. They can be used for a variety of purposes, making them a versatile tool in estate planning.

Types of Trusts: A Trust for Every Need

  • Bare Trusts: Simple and straightforward, these give the beneficiary full ownership and control of the assets once they reach a certain age.
  • Discretionary Trusts: Offering more flexibility, these allow trustees to decide how and when to distribute the assets, making them ideal for complex family situations or beneficiaries who may not be financially responsible.
  • Life Interest Trusts: These provide a regular income for a beneficiary during their lifetime, with the assets passing on to someone else upon their death.
  • Charitable Trusts: These are used to donate assets to charitable causes, potentially offering tax benefits.

Trusts: Not a DIY Project

Trusts are complex legal structures, and getting them wrong can have serious consequences. It's crucial to seek professional advice to ensure your trust is set up correctly and achieves your desired outcomes.

Unlock the Power of Trusts

Whether you want to protect your assets from creditors, reduce inheritance tax, or provide for loved ones with specific needs, trusts can offer a tailored solution.