Trusts

giftsTrusts are a way of making sure that something you own will pass to whomever you want. This can be particularly important if there is a specific reason like Inheritance Tax Planning or passing your estate to a minor who may not have the capacity to handle the responsibility of sums of money. In this case you would nominate trustees to manage this for the beneficiary. In everyday life trusts can be very useful for life assurance policies, as the proceeds of policies placed in trust will fall outside the policyholders' estate and would therefore not be caught up in the estate calculation, (which can be very time consuming). Instead the proceeds of the plan are paid to the beneficiary or the trustees depending on how the trust was set up. Setting up a trust should not be effected without advice as there can be consequences to the trustor, (the person who creates the trust), as in some trusts they will not be able to gain access to the monies or the proceeds once the trust has been created. 

It is therefore important that advice is sought before entering into such an agreement.

It should be noted that Trusts are different under Scottish law than in England and Wales 

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