There are many different types of trusts, which can be set up to serve a variety of purposes, including minimising Inheritance Tax (IHT) liabilities or making long term provision for a disabled relative.
Generally speaking, a trust is where assets are transferred to be managed by the trustees on behalf of those who will benefit.
Some of those in use are set up during an individual’s lifetime, while others take effect upon your death.
Those who have been appointed trustees have a number of rights and responsibilities that they will need to be aware of and it is important that the rules are closely adhered to.
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