The most common form of a trust in England and Wales is what’s known as a discretionary trust.
As it’s name implies, it is a gift into a trust that then allows the trustees to make discretionary decisions as to how the contents of the trust are used and for whose benefit be that a surviving spouse, children, grandchildren or charities for example.
Often used by families for their estate planning and succession planning, it can be used for all sorts of reasons including inheritance tax planning.
In simple terms, a trust is a box in which you can place assets such as investments or a life policy for example, that is to benefit others without giving up control of the assets.
A trust allows prompt access to the assets upon death and gives certainty in terms of where the assets will head at the right time to the right people providing valuable peace of mind for clients.
We can help with all aspects of trusts planning so feel free to call our friendly team on 01752 401401.