Trusts

A trust is put in place for when the time comes, your investments, land or property and money will be delegated to the appointed people of your choosing. When you put assets into a trust the trustees will manage the trust following your instructions.

 

There are many reasons to set up trusts, for example: pass on assets to the next generation, protecting assets from creditors or divorcing partners, reduction of inheritance tax payments, funding education for children and grandchildren and many more.

 

What Trust is best for you?

 

There are many different types of trusts to choose from as each one has different benefits to suit each individual, the main and most commonly used trusts are: Accumulation Trusts, Bare Trusts, Discretionary Trusts, Interest in Possession Trusts, Irrevocable Trusts, Mixed Trusts, and many more.

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    Commonly used Trusts

    Accumulation/Discretionary Trusts

    This type of trust offers more flexibility and protection of the assets listed, if any circumstances change after the trust has been made. It is generally put in place when the Trustee requires a valuable way to protect their assets from beneficiaries who do not have the ability to manage their own funds, such as: Children, people who have an illness, people who have a disability, people who might make poor life choices, people who lack mental capacity, etc. Unlike other trusts the trustees can make changes to what the beneficiaries will receive from the trust.

    Bare Trusts

    The assets listed in a Bare Trust will go directly to the intended beneficiary, they are often used to pass assets onto young people and the trustees will be in control until the beneficiary is old enough. Once a beneficiary has been decided it cannot be changed once the trust has been put into place. When the beneficiary received the assets, they will not have any inheritance tax implications.

    Interest in Possession Trusts

    An IIP Trust is commonly set up to authorise the beneficiary to any income as soon as it is made. The benefits of a IIP Trust include: a stable income for the surviving partner if spouses have made a joint IIP Trust, provides protection of your property’s value against financial assessments, any remaining assets will be passed onto any other named beneficiaries, you have complete control over who receives assets from your estate.

    Irrevocable Trusts

    This type of trust cannot be changed, modified, or terminated without the beneficiary’s permission. The main purpose of opening this trust is to transfer assets from the grantor’s control to the beneficiary and the grantor gives up all of their rights to the assets.

    Mixed Trusts

    A mixed trust is a combination of more than one type of trust and will incorporate several elements of various different types of trusts. Some people may opt for this trust if they have children of different ages.

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