A trust is a legal arrangement that allows assets such as property or money to be looked after for the benefit of the beneficiaries named in the Will. Trusts are often
used to hold assets for children until they are old enough to receive them.
Why use a Trust?
There are various situations in which a trust may be set up, and not all of them are related to making a Will. For the purposes of making a Will, trusts are usually
set up for one of the following reasons:
- To hold assets on behalf of a child until they reach the age of 18. Doing so allows for the property or money to be properly managed until the children are
old enough legally to take possession of it. Some types of trust allow the beneficiary to receive an income from the property.
- To reduce the Inheritance Tax liability. Putting assets into trusts can in some cases reduce or even eliminate the inheritance tax liability for that
asset; it can also help to keep the value of the estate within the nil-rate band.
- To provide for your spouse while keeping the estate intact to be passed to your children.
- To protect the family home from being sold in order to pay for residential care.
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