Trusts are emerging as the most favourable planning process to protect wealth, but it can be rather complex to understand.
A trust is the process of transferring assets to trustees (a group of people) to protect and hold for others. There are three parties that make up a trust, and they are:
The most notable benefits of forming a trust is the control it brings, the protection to assets gained and the flexibility that comes with it. Inheritance tax planning is also a typical benefit, but an outright gift to any party would give you the same inheritance tax advantages.