Trusts are one of the single most powerful Estate and financial planning tools but are also one of the least well understood. There is a huge misconception that Trusts are just used by the very wealthy, with many people unaware of the value they can have when it comes to managing assets.
In our latest webinar, Peter Webb, our Head of Tax Advisory, was joined by Huw Wedlock, our Director in Singapore and Shannon Brightman, our Trust Executive, to discuss what Trusts are and how they can be used.
What is a trust and when should I use one?
Missed the webinar? Catch up here
In very simple terms, Trusts can be likened to a treasure chest. This treasure chest can be used to hold assets, such as money, with a set of keys needed to open it. A letter then explains when and how those keys can be used and by whom.
Trusts can be used to help reduce tax or protect assets if you’d like to pass them on to beneficiaries who may be too young to manage them. They can also help if you plan to share some of your assets with charities.
The webinar helped dispel some of the uncertainties surrounding Trusts and provided a useful explanation of how Trusts can be set up, some of the different types available and when Trusts are best used. The team discussed the benefits of using a Trust, shared examples of where a Trust has been particularly beneficial and gave some insight into the key reasons why people choose to use Trusts. They also explored some of the alternatives to Trusts.
Estate planning is an important part of any financial strategy, and it’s important to consider the options which work best for your family, in line with your own personal circumstances.
To discuss any aspects of Trusts, or your Estate planning, please contact your nearest office.