There are several types of UK family trusts and each type of trust may be taxed differently.
Trusts and trust funds may be set up for a number of reasons, for example:
- to control and protect family assets;
- for minors when they are too young to handle their affairs;
- when someone can't handle their affairs because they are incapacitated;
- to pass on money or property while you are still alive;
- to pass on money or assets when you die under the terms of your will - known as a 'will trust';
- under the rules of inheritance that apply when someone dies without having made a valid will;
- to preserve personal injury compensation.
There are other types of 'non-family' trusts. These are set up for many reasons - for example to operate as a charity, or to provide a means for employers to create a pension scheme for their staff.
For advice and support on Trust matters, please either use the contact form on the right, email us at email@example.com or call us on 0800 988 3650 and our team will advise you of the next steps with compassion and care.