Helping You Plan Ahead

Trusts are a smart way to look after your money, property, or other assets, both now and in the future. Whether you want to support loved ones, reduce inheritance tax, or make sure your wishes are followed, we’re here to help you understand your options and make confident decisions.

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What Is a Trust?

A trust is a legal arrangement where you give assets to someone (called a trustee) to look after for someone else (the beneficiary). Trusts can be set up while you're alive or written into your will.

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Life Interest Trust

This is usually where on a second marriage you can protect the interest of the surviving spouse and the interests of any children from former marriages.

 

Disability Trust

This can protect the interest of a child or adult who suffers from a physical or mental disability.

 

Declaration of Trust

A Declaration of Trust is put in place (usually for unmarried couples) to set out the division of any sale proceeds when the property is eventually sold. The Declaration will usually be in unequal shares where one party has perhaps paid the deposit and wishes to ‘ring fence’ this on a future sale.  A note is placed on the property register restricting a sale from taking place without complying with the Declaration of Trust.

 

Things to take into account when considering whether you need a Trust

• Trusts can be used to help reduce inheritance tax liability (IHT).

• Certain financial products can help form part of the overall inheritance tax planning strategy for you and your family.

• Life insurance may help those you leave behind with the ability to pay inheritance tax and it should be written into a trust so that it does not count towards the value of your estate.