ABOUT TRUSTS
There are many advantages for forming a trust for your clients, including tax benefits, management of your assets, asset growth.
Reducing your client’s inheritance tax liability can take a fair amount of time and planning.
Start planning as soon as possible to ensure that you don’t face tax penalties further down the line.
Adviser Zone can arrange the setting up of a trust on behalf of your client.
A trust is a way on managing assets and there can be many reasons for setting up a trust such as a when someone is too young to handle affairs themselves or to pass on assets when you die etc.
There are several types of trusts and each can be taxed differently however each trust will have a settlor, trustee and beneficiary:
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What is a Settlor?
The Settlor decides how the assets in the trust should be used which will be set out in a trust deed. On occasion the settlor can also benefit from the trust which is also known as Settlor interest,
What is a Trustee?
The Trustee is the legal owner of the assets held within the trust. They deal with the assets according to the Settlor’s wishes. Trustees can be changed and the trust can still proceed however there needs to be a least one Trustee.
What is a Beneficiary?
The Beneficiary is someone who will benefit from the trust in a way of either income or capital or both.
Adviser Zone can help to arrange setting up a trust. For further details please contact us.