Manage Your Assets
Basically, trust planning means yu are thinking about your future. You will know with confidence and know any tax obligations for loved ones. Trust funds can be used for a range of reasons, it can be to disguise actual ownership of an asset or to reduce the eventual tax due re inheritance tax.
Trying to organise a trust fund or similar is complicated, you need to know your way around the legal system and most people don’t!
- Get your goods and property valued
- Have certificates for insurance purposes
- Maintain insurance and suchlike
- Decide what you want to leave and to whom
TOP TIP: Remember you are thinking and planning for the future, not right now. Take this into consideration as people’s lives will change and other people will come into the frame. Life doesn’t stay the same as it is right now.
The important thing to remember is that trust settlor you do have control over the money, so you can make decisions which alter your original intention. This is an important thing to set-up as it can set someone up for life. It could just be for a college or university fund, or could be for significant wealth and the person gets the access when they turn a certain age. Life has many twists and turns, so you should try to think forward so you don’t regret your decision to set up this trust planning and then need to make changes.