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What is a Trust and Would it Be Good for Me?
Posted on: 22nd Jun 2022 by: CamOuse Financial Management Limited
If you have assets such as land, property, cars, money and investments, you’ll want to be sure they go to your chosen beneficiaries in the future.
That way you can be sure that your loved ones have financial stability in the future and that you’ve left them a meaningful legacy.
But hang on, doesn’t that sound a bit like taking out a Will?
Well, yes, but there’s a key difference in that a Will only comes into effect after you pass away, whereas a Trust can be implemented from the moment it is set up. That can give you the confidence, certainty and peace of mind you want moving forwards, so you can be sure your family will be provided for further down the line.
At the same time, setting up a Trust can also have many tax benefits, and means your chosen beneficiaries won’t have to go through the Probate process following your death.
So it’s well worth exploring this option, seeking professional financial advice and seeing if this is the way forward for you.
What types of Trusts are there?
There are several different types of Trusts you can look at, depending on your specific wishes and circumstances:
Will Trust
This could be a good option if you’re married or in a civil partnership, as it makes sure your surviving partner can continue living in your property following your death. It can also ensure a share of the property can be included in your inheritance.
Discretionary Trust
This permits trustees to decide how to use the income from the trust and choose how much money beneficiaries will receive. That means it’s a good option for those who want maximum flexibility if their circumstances change.
Bare Trust
This provides or allows for the option of passing assets onto a young person when they reach the age of 18. That means the assets in the Trust will initially be held in the trustee’s name, rather than the beneficiary’s, and the trustee will be responsible for looking after them until the chosen beneficiary hits the age when they are able to access the trust themselves.
Trusts for Vulnerable Beneficiaries
This is a good option if you have a chosen beneficiary who lacks capacity to make decisions for themselves, and will therefore need financial support and help with managing their affairs. This could include a child, an under-18 who has lost a parent, or somebody with a disability.
If you have any questions on setting up a Trust to protect your assets for the future, get in touch and we’ll be happy to help. We have the knowledge and experience to advise you on the different options open to you and help you determine which ones best reflect your specific wishes and circumstances.
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