Trusts can be set up:
in your lifetime, for example;
- living together agreements
- to hold property for minors, those living abroad or otherwise incapacitated
- to pass property on to the next generation without losing control of it eg shares in a family company
- to allow you and your spouse to benefit from property, while ensuring it passes on to your family on your death
- to allow people you trust to look after your affairs at a time you are unable to do so without involving the Court of Protection
or by will, perhaps;
- to save tax
- to allow people you trust to look after assets for the benefit of your children while they are young
- to postpone decisions about who from your family should benefit and how until after your death, when the tax and financial position of family members is clearer
- to allow trustees to look after your dependants, without giving them control of where the money goes after their death
- to provide for handicapped, improvident, young or as yet unborn descendants
