A Trust is a useful device for passing assets out of one person’s estate without them passing directly to another person.
In most people’s minds Trusts are thought to be confusing, complex and costly. However they are in fact relatively simple to establish and the costs are considerably less than you might imagine.
The following are circumstances in which a Trust can assist:-
A Trust can be a halfway house between owning assets in your name and transferring them outright to someone else. In this way a Trust can provide an excellent combination of control, security and flexibility.
You can transfer assets into the Trust but still retain a considerable amount of control by appointing yourself as a trustee together with other trusted family members (or a professional person if you wish).
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Family members frequently pass properties between each other without any money changing hands. It is vital to seek professional help in accurately recording the legal basis on which they are made.
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