WHY MAKE A TRUST
Trusts are used when an individual or two or more individuals (in trust terms, "the settlor" or "settlors") arrange for specific assets to be legally owned by appointed individuals (known as "trustees") to hold those assets on behalf of other individuals (known as beneficiaries).
Trusts have been used throughout history to address problems in two main areas: domestic and taxation. Your exposure to Inheritance Tax can be reduced by creating lifetime trusts or a Will trust to take effect on your death. Alternatively, you may simply wish to protect your assets for your children or a future generation.
Various forms of trusts are available for both lifetime execution and for inclusion in your Will, to take effect on your death. The type of trust you require will depend entirely upon your circumstances.
INTEREST IN POSSESSION TRUSTS:
Do you want to leave your spouse in good financial standing and still be able to provide for your children?
A
Will Trust for your surviving spouse can ensure that your capital is protected for your children but without loss of benefit during widowhood.
This type of trust is also known as a life interest and can be used to provide an income to your spouse or another individual for the duration of their life, or to cease upon the occurrence of a specified event such as remarriage.
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