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FT Guide to Wealth Management by Jason Butler

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18

Using trusts and alternative structures

A trust is a legal agreement where a person, known as the settlor, transfers the ownership of their assets to another party – a trustee. The trustee holds the assets for the benefit of a person, group of people, charity or organisation – the beneficiaries – without giving them full access to the assets for the time being. Because children (those aged under 18) cannot own assets in their own name, these will always be held in trust until at least age 18.

As well as holding assets for children, trusts are used for a number of other reasons including:

  • reducing inheritance tax (IHT)
  • providing formal oversight and controls about how assets will be used
  • providing flexibility to defer decisions about ...

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