There are many different reasons why you may consider putting money into trust fund. The following are some of the main ones, although there are plenty of others:
These are some of the many reasons people set up trust funds. Whatever your reason, however, it is important that you understand the fundamentals of trust funds and trusteeship before making any important decisions.
- To assist in tax planning
Setting up a trust may help to reduce tax liabilities and can be especially helpful in minimising potential Inheritance Tax liabilities.
- Assurance
To make prudent provision for your family and later generations in case of unforeseen circumstances.
- To make a gift with conditions based on your wishes or the beneficiary’s circumstances
You can set down guidelines on how your trustees should deal with the trust, and at what age and in what circumstances your intended beneficiaries can have full benefit from the trust fund.
- To protect your assets
Where, for whatever reason, you think it to be appropriate that assets are placed in trust rather than allowing a beneficiary full freedom to dispose of them.
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