When should I set up a trust?

Answer

There are circumstances where creating a trust may be a good option for you. You can set up one at any time or have it written into your Will.

For example, you might set up a trust to ensure that someone who cannot support themselves is cared for once you pass away, or you may create a trust so that your finances are appropriately used if you are in ill health and unable to control them yourself.

People often set up a trust for their children, especially if they are too young to handle their own affairs or if they want to leave assets to them and don’t want these to be considered for inheritance tax. It is best to seek legal advice when deciding whether or not creating a trust is right for you.