Mitigating Against Inheritance Tax - Set Up A Trust

in #inheritance4 years ago

Some people who make gifts to reduce Inheritance Tax are concerned about losing control of the money. This is where trusts can help. When you set up a trust it is a legal arrangement and you will need to appoint 'trustees' who are responsible for holding and managing the assets. Trustees have a responsibility to manage the trust on behalf of, and in the best interest of, the beneficiaries in accordance with the trust terms. The terms will be set out in a legal document called the 'trust deed'.
You need to bear in mind there might be tax consequences if you set up a trust. The rules around trusts are complicated, so you should always obtain professional advice.

(England and Wales)
Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change.