The principle of trusts has been around for centuries when people would assign their assets and valued items to a trusted person — a trustee — before going to war. Today, trusts can still be a useful way of controlling and protecting family assets, especially as they can also work towards reducing the impact of inheritance tax.
There are many different types of trusts available although they are commonly used to secure funds for children until they come of age and to protect your home and those that live in it after you’ve gone.
Trusts are flexible and can be used to protect any of your assets. What makes them attractive is the control they offer you in managing what happens to your assets after your death.
The law and tax implications surrounding trusts is constantly changing and independent financial advice can help you understand the best trust option for you and your family.