Up until the abolition of death duty most people who set up Trusts were wealthy and did so to avoid paying death duty on their estates.
These days Trusts are formed by all sorts of people, not just the very wealthy, for various reasons, such as:
- Protection from Creditors for business people
- Protection of Assets
- Control over access to Assets
- Specific requirements such as the education of a child
- Protection from Relationship Property claims; and
- Advantages in relation to tax.
- Although there is not the same compelling reason for forming Trusts today many clients would benefit from doing so. However, we do not advise everyone to form a Trust and each person’s situation is different.
If you would like a free interview to determine whether you should or should not set up a Trust and the implications of so doing please contact one of our Trust team and we would be happy to assist you.
Firm Contacts: Kristine King, Cheryl Simpson