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Inheritance Tax Made Simple by Andrew Komarnyckyj

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1.24 Trusts

It is important to have a basic understanding of trusts if you are contemplating using a trust in conjunction with inheritance tax planning.

1.24.1 Definition of a trust

There is no simple all-embracing definition of a trust in English law. Moreover, there are several different types of trust that arise in different circumstances.

1.24.2 Explanation of the concept of a trust

These are examples of a lifetime trusts which may help you to get to grips with the concept.

Example

If I were very wealthy and generous, I might decide that I wanted to provide some form of financial benefit for certain relatives of mine – for instance, an elderly aunt and two young nephews.

I might decide on the provision of a fund of £1,000,000 ...

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