Trusts are a way of putting assets under the control of ‘Trustees’. Trusts, just like the beneficiaries and the assets within them, come in all shapes and sizes and are just as individual.
Trusts themselves are not necessarily ‘tax efficient’, but they can help to reduce the burden of income tax, inheritance tax and capital gains, depending upon individual circumstances. Trusts can be created informally but it is always best to create a trust in writing to clarify the Trustees’ powers and duties, the beneficiaries and even the trust assets.
The type of trust will dictate the way that the trust is taxed and managed:
If you are a Trustee, a beneficiary or if you are considering creating a trust then please contact Trudy Rogers on 01635 569670 or Trudy.Rogers@rogers-legal.co.uk for a review or assistance.