Trusts

Trusts are legal structures for holding or transferring assets between people in a controlled way.

Despite the perception that they are primarily to do with saving tax, there are many different types of trust and reasons for using them – mostly to do with protecting assets for family and loved ones. At the same time, of course, if properly advised, you should be alive to structuring matters as efficiently as possible from a tax perspective.

Reasons for setting up a trust
  • Holding assets for minor children until they are old enough to receive them
  • Providing for a spouse while protecting assets ultimately for your children
  • Holding funds for a vulnerable beneficiary
  • Paying grandchildren’s school fees
  • Guarding against divorce or bankruptcy claims against children
  • Protection from Care Fees assessed against a loved one
  • Continuation of existing means-tested benefits
  • Protection from Inheritance Tax
Popular types of trusts
Herrington Carmichael can advise on...
  • Why, when and how to set them up
  • Which type of trust to choose
  • When they can be implied from existing circumstances
  • Tax consequences and tax mitigation
  • Choice of Trustees
  • Asset selection
  • Trust management
  • Compliance with tax obligations and regulatory requirements
  • Winding up Trusts
  • Tips and traps to look out for

Tips and traps to look out for

Although trusts are extremely flexible and useful, and needn’t necessarily be complicated or expensive to maintain, the law of unintended consequences can easily apply if insufficient advice is taken. We would always recommend at least a degree of professional oversight to make sure things don’t go wrong.

Whatever your query, please get in touch with Anthony Tahourdin in our Private Client Department to discuss a solution.

 

Different types of trusts

There are many different names and types of Trusts making it confusing to know which one suits you. This fact sheet will give you a very brief synopsis of the main types or names that you are likely to encounter.

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