Trusts
Broadly speaking, these are arrangements where a Trustee or Trustees hold an asset on behalf of beneficiaries. It can be a useful way of protecting assets and is often used in connection with wills. For example, if children under 18 are to benefit, the funds will need to be held in trust for them until they are old enough.
Trusts can also be created during one’s lifetime such as a “Pilot Trust” which creates a discretionary trust to help avoid Inheritance tax liabilities for funds due from life insurance or death-in-service arrangements.
