Trusts are one of the most tax efficient ways in which assets can be passed on to family members after you’re gone but setting them up properly and ensuring they achieve what you intended is complicated. We would always strongly recommend that Trusts are handled by experienced experts and for that we would suggest talking to us at Sirius.
If you’re a Trust ‘creator’ you can make decisions over how the Trust is run in your absence. When you pass away the ownership and management of that Trust becomes the responsibility of the Trustees who are then legally obliged to manage the assets in the way you set out.
In essence, this is good way of retaining a small degree of control, even when you’ve passed away and because assets in trust are not seen as part of your estate, they can be significantly more efficient by not being subject to inheritance tax. However, it’s important to understand that Trusts are not simple to set up and the work should always be carried out by qualified experts.
So, if you are interested in looking at how a Trust could work for you, then get in contact with us at Sirius Financial. Putting things in place properly now will undoubtedly reap financial rewards for your family when you’re not around in the future.
Please note that the FCA do not regulate trusts.