WTT WealthWealth planning focuses on structuring and building your wealth in order to transfer it to the next generation in a tax efficient manner. It is a combination of tax planning, wealth protection, estate planning and business succession planning.
Trusts are said to have their origins in the Crusades, when landowners would transfer their lands to a friend on the understanding that they would not take any personal benefit but hold it for the benefit of the crusader’s family in case he should not return.
Despite attracting some negative press, trusts do still have legitimate uses in estate planning and wealth distribution.
A trust is not an entity like a company or partnership, but rather a bundle of rights and obligations placed on a trustee to ensure that the property settled in trust is managed for the benefit of the ultimate beneficiaries.
Trusts are commonly used in Inheritance Tax and wealth planning, for instance to hold a life insurance policy outside the estate (and free of IHT) or to ringfence and protect children’s school and university feels.
Given the important role played by the trustee in administering the trust, it is important that an independent professional trustee is appointed alongside other appointed trustees, such as solicitors or family members.
At WTT we are happy to act in the capacity of an independent, professional trustee. We understand the importance of the trustee role and can set up a trust for you as part of our wealth planning service or represent your interests in any other trusts you establish.
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