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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 make sure that a family member or friend with a learning difficulty will get the financial support and protection they need after a client's death.
- 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 spouses of your clients while keeping the estate intact to be passed to their children.
For advice on how Trusts could work in specific circumstances for your clients, you should talk to us on 01925 859622.
Family Asset Protection Trust
Help your clients place their homes and other assets in Trust, whilst they are alive. After their death, the Trust passes to their living beneficiaries.