Trusts and Estates

A trust arises when assets are transferred to trustees who hold them, and the income earned from them, for the benefit of one or more persons.

A trust is a very useful way of passing down assets without losing control over them. It can be set up by use of a tax efficient will and can save up to £124,800 of inheritance tax (40% of £312,000, the nil rate band applicable this tax year).

There are three basic types of trust:

  • Interest in possession trusts
  • Discretionary trust
  • Accumulation and Maintenance Trusts

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