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Last updated: 18 Nov 2021
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Trusts – Not a dirty word

For some, trusts come with negative connotations, but they can be used to secure you or your family’s future. With increased transparency and benefits from protecting individuals, to easing the transition of property, now might be the time to consider your options.
How could you benefit from using a trust?

How could you benefit from using a trust? 

Trusts provide a useful way of managing assets when life becomes unsettled or when you’re not around to protect them. Reasons to consider a trust can include control of assets, for example, where someone is too young, old or incapacitated to handle them personally and protection of assets in cases of marriage breakdown or business failure. There’s also a compelling case for using a trust to protect individuals set to inherit large estates where, for whatever reason, it’s decided they are unable to handle their wealth responsibly.

Even in less turbulent times, trusts have a role to play in wealth management, from passing on assets to keeping them outside of death estates. This enables family members to have access to funds immediately on death to pay funeral expenses and taxes.

About the author

Nyah Duffy

+44 (0) 20 7556 1424
Duffyn@buzzacott.co.uk
LinkedIn

How could you benefit from using a trust? 

Trusts provide a useful way of managing assets when life becomes unsettled or when you’re not around to protect them. Reasons to consider a trust can include control of assets, for example, where someone is too young, old or incapacitated to handle them personally and protection of assets in cases of marriage breakdown or business failure. There’s also a compelling case for using a trust to protect individuals set to inherit large estates where, for whatever reason, it’s decided they are unable to handle their wealth responsibly.

Even in less turbulent times, trusts have a role to play in wealth management, from passing on assets to keeping them outside of death estates. This enables family members to have access to funds immediately on death to pay funeral expenses and taxes.

The transparency of trusts

The transparency of trusts

Even with the various benefits above, for many, the word ‘trust’ is a loaded one and conjures up images of them being the choice of tax evasion for ‘shady people in sunny places’! However, the recording regime for trusts has become more transparent in recent years. 

All trusts need to be registered on HMRC’s Trust Register, which requires details of, among other things, beneficial owners and trustees. The details that must be recorded on the Trust Register, such as the beneficial ownership of trust assets, are governed by the Fifth Money Laundering Directive (5MLD), enacted on 10 January 2020, just before the UK left the EU, and consequential regulations which came into force on 6 October 2020. With this new oversight over trusts it’s worth re-considering the role they could play to secure you and your family’s future.

Get in touch
Get in touch

For professional advice on UK resident and offshore trusts, fill out the form below and one of our experts will be in touch to discuss how we can help. Still not convinced? Get in touch for a chat about how trusts can play a part in your life and the ease with which they can be set up and administered.

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