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A trust is a legal arrangement that makes it possible for one group or individual, called the trustee or trustees to manage money or assets for the benefit of others (the beneficiaries). Trusts protect the interests of the beneficiaries.
What are the reasons for creating a trust
A trust makes it possible to;
- Manage cash and assets for those too young to manage their own finances.
- Protect assets from claims by formers partners or creditors of the beneficiaries in the event of something like a divorce or financial difficulty.
- Allow beneficiaries to make use of assets without affecting their tax liability.
- Pass on benefits of assets, while keeping some control over them
- A trust can also help with tax planning for current and future generations of your family.
There are a number of different types of trust arrangements, so it’s important to have a clear understanding of why you are creating one and what you’re hoping to accomplish.
How we can help
If you’re interested in learning more about the benefits of creating a trust or would like to set one up, we can work with you to find the best structure for you.