A trust is a means of splitting the ownership of property (eg land, money, shares), often between family members.
There may be considerable tax advantages, but often these are of no great significance. However the family advantages can be very worthwhile. For example, on a second marriage, a trust can be used to provide for the second spouse, while securing the future of any children of the first marriage.
Any unusual family circumstances where there may be a substantial inheritance can be organized by using trust law. A trust can also be set up to hold money on behalf of children who are too young, or perhaps for those who are unable to manage their own affairs. Elderly people and their families may find there are advantages in a trust.
If you are foreign-resident or domiciled out of the UK your circumstances may be such that you could use a trust (or other structure) to your advantage. Read more about trusts here.
I am expert in advising on and setting up all types of trusts. Unlike some advisers, I am completely comfortable dealing with foreign trusts and trusts with foreign property or foreign beneficiaries. I also administer existing trusts, some that have been running for many years, and a number of offshore trusts, sometimes in conjunction with foreign lawyers or offshore-situated trust administrators.
Trusts will not be appropriate to every client's circumstances, but they will be to some. I am happy for you to contact me for advice on your personal situation.
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© Julian Cohen 2021