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A trust may also be used to protect your assets from claims of future creditors or in the event of divorce. For many, trusts are an excellent way of estate planning by reducing tax liabilities and in some cases minimising or eliminating Inheritance Tax altogether. A trust can either be established during your lifetime or on your death under the terms of your Will. Trusts allow you to pass on your wealth to other people you have chosen and are often used to control and protect family assets.
A trust might be created in the following circumstances:
when someone is too young to handle their affairs
when someone can’t handle their affairs because they are incapacitated
to protect the assets for your children from a future spouse
to pass on money or property while you are still alive
For further information or an individual assessment of your current tax liability and trust options, please contact us for a personalised discussion with one of our advisers.