There are various types of trust but they all have various features in common. Their goals are usually to maintain control over money or an asset and/or to avoid inheritance tax. Setting up a trust can be quite simple but it is important that professional advice is sought, to ensure that it is appropriate for you and to ensure that you understand the tax implications. A trust is a legal document that places various people (trustees) in charge of an asset or assets to be looked after on behalf of nominated people (beneficiaries) or potential people (potential beneficiaries). Setting up a trust incorrectly can have significant tax implications.
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