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Trust Planning for Private Clients

What is a Trust and what are they for?

Trusts are a way of managing assets (money, investments, land or buildings) for people. They can be a useful method of preserving wealth, by allowing assets to be passed down through the generations in a secure and tax-efficient manner.

Trusts are set up for a number of reasons, including:

  • To control and protect family assets
  • When someone is too young to handle their affairs
  • When someone cannot handle their affairs because they are incapacitated
  • To pass on assets while you are still alive
  • To pass on assets when you die (a ‘will trust’)
  • Under the rules of inheritance if someone dies without a will (in England and Wales)

The Financial Conduct Authority do not regulate advice on wills, Powers of Attorney or trusts.

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How Can I Benefit From Trust Planning?

Trust Planning helps you to manage assets for the future, so that you can plan ahead and know that taxation is being mitigated. It can provide significant tax planning opportunities, as well as protect your beneficiaries from a range of future risks to their finances.

A Trust’s main value can be to keep your estate out of probate after your death. Since trusts usually avoid probate, your beneficiaries may access these assets quicker than they might access assets that are transferred using a will.

Comprehensive trust planning can help reduce tax, prevent loss to an estate and of course ensure that generations can benefit from family wealth. Trust planning can be set up during your lifetime or upon death. Trusts can help to avoid the need for probate, preserve wealth for generations and of course save tax.

Henson Crisp are affiliate members of STEP (society of trusts and estate planning). We can advise on a broad range of trust planning, that can protect your needs and the needs of your beneficiaries. We also work closely with legal professionals in preserving your wealth.

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