Both IHT and wider estate planning will often involve the use of trusts. These are essentially a structure in which assets are gifted by one party (the settlor) to trustees on behalf of selected beneficiaries. They can be used for a wide range of purposes including Inheritance Tax planning and making provision for future generations, along with such things as school fees, first property purchases or establishing a charitable trust.
While trusts have been a feature in the UK for hundreds of years they have evolved to reflect today’s world. For example, they can hold funds for minor beneficiaries or lump sums arising from Personal Injury awards.
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