What is a Trust?
A trust is a flexible way of giving away assets without passing them directly to the beneficiaries. You can set up a trust at any point during your life.
A trust, for example, can be used to:
- Look after assets for beneficiaries who are not capable of doing so for themselves – usually children or a mentally incapacitated dependant.
- To help ensure a family business remains within the family.
- Reduce the risk that the beneficiary will lose the asset (eg: through divorce or bankruptcy)
- Provide a lifetime income for one beneficiary (eg: a spouse) whilst retaining the capital for the benefit of others (eg: children or grandchildren)
A trust can also form part of your tax plans as it may help to reduce potential tax liabilities and may be created when you die as part of your will.
The team at Curtis Parkinson in Nottingham has many years’ experience in setting up trusts. As there are a number of different types of trust, we would recommend that you speak to us to go through the benefits and enable us to advise you on which type would best meet your needs. This includes assisting you with the creation and running of a trust, ongoing administration and registering it with HM Revenue and Customs.
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W. H. Watmore
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