Trusts

Trusts are used to avoid or address 2 main areas: taxation and domestic matters.

Taxation

You can place assets that you no longer need in trust and reduce your own wealth and thus your exposure to Inheritance Tax. You may still retain some control over how the assets are used.

Domestic

• Parents, grandparents and others have always been concerned that children and grandchildren are at risk if they receive or inherit too much too soon
• People are concerned that if they leave all their wealth to their spouse, it will be frittered away so that little or nothing will remain for their children to enjoy
• People may have a dependent who would need continuing care should you die before them
• Your son or daughter might risk bankruptcy or an unstable marriage or other relationship, be handicapped and in need of special care or for some other reason be incapable of managing their own financial affairs