Trust & Wills
A will specifies who inherits your estate and appoints guardians for children, while trusts can protect assets, reduce inheritance tax, and provide for beneficiaries in specific ways. Both ensure your wishes are carried out and help avoid family disputes.
How are Trusts and Wills used?
Trust in Wills are widely used in England & Wales but not everyone really understands what a Trust Will is and how it works.
A Trust exists when one or more people look after property or other assets for the benefit of one or more other people.
Trustees are the people who look after the property in the Trust for the benefit of others.
Trusts in Wills are most frequently used to protect property, and they’re widely used when providing for children in a Will or when taking care of vulnerable loved ones.
The people who look after the property in the Trust are called Trustees, the people who stand to benefit from the property in the Trust are called Beneficiaries.
Trusts
A policy is most commonly put in trust as a way to help avoid inheritance tax on life insurance pay-outs. That means your beneficiaries could be liable to pay more inheritance tax on your estate.
A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. A trust greatly expands your options when it comes to managing your assets, whether you’re trying to shield your wealth from taxes or pass it on to your children.
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