Family Trust and Asset Protection Trust in Bournemouth and Poole
Trusts are used to look after assets for the benefit eventual of specific beneficiaries. The person creating the Trust is called the Settlor. A Trust appoints Trustees to manage any assets owned by the Trust in a way set out in the Trust documents, though generally, Trustees may act at their discretion, as long as it is in the best interests of the beneficiaries. There are several advantages to using Trusts: 1. Assets held by Discretionary Trust are protected against reckless beneficiaries e.g. divorce, bankruptcy, etc. 2. Assets owned by the Trust are no longer owned by the Settlor. This has been used in the past to mitigate Inheritance tax though new proposed laws may reduce their effectiveness 3. The Settlor (the person or persons creating the Trust) can lay down rules about how the Trust fund can be used and when. Most commonly only after the death of the Settlor. Trusts are complex documents and there are many factors to consider. We STRONGLY advise seeking professional advice be