There are a number of circumstances where the creation of a trust is the best way to manage your financial affairs and protect your family wealth. You can create a trust during your lifetime or by your Will.
Anything can be placed into a trust, such as a property or cash and we have set out below some of the more common reasons for setting up a trust:
- Manage funds for your children, grandchildren or a vulnerable beneficiary
- Save inheritance tax and care fees
- Preserve family wealth in case of divorce or bankruptcy
- Invest money received from a personal injury or criminal injuries compensation claim to ensure that access to benefits is not lost