Legal trusts are administrative and financial instruments to facilitate long-term planning for minors or disabled adults. Significantly, trusts are an efficient way to minimise liabilities for inheritance tax (IHT) after one’s passing. In addition, depending on personal circumstances, it could be appropriate and even advantageous to make lifetime gifts.
In administering a trust, there are various requirements to take into account. Trustees, i.e. the person(s) or legal entity that manages each trust, have rights and responsibilities. Therefore, it is essential to adhere to the rules.