Estate Planning Summary
Trusts are effectively a legal framework that are set up by a Settlor.
The settlor decides who will ‘manage’ the trust. These are the trustees.
The settlor decides who will benefit from the trust. These are the beneficiaries.
A trustee can be a beneficiary but a settlor cannot.
Estate Planning Benefits include:
- Preserving family assets for children and grandchildren in the event of divorce.
- Protecting assets for a spouse and enabling them to withdraw income.
- Potentially reducing your inheritance tax liability.
- Preventing children or individuals from inheriting property outright when they may not be in a position to manage their affairs responsibly but allowing them an income stream.
- Preventing future generations from paying inheritance tax on your assets.