Trust Fund

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A tool to plan for the future, a 3rd party is usually enlisted to take care of a person’s assets on behalf of them, the trust can also be setup after death.
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Setting one up:

• Settlor needs to be appointed - The one putting assets into a trust
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• Trustee needs to be appointed - The one overseeing and managing a trust
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• Beneficiary needs to be appointed - The one benefiting from a trust
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• Solicitor needs to work alongside settlor to create trust
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Types of Trusts:

• Irrevocable - can’t be changed, once purpose it set
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• Revocable - Can be change at any time, assets added/removed
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• Charitable remainder - Enables you to pass contents of trust to charity
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Those benefitting from a trust may need to file a self assessment for the income received. Discretionary trusts are treated as if they’ve eben taxed at 45% so you might be due a tax refund if you aren’t an additional rate taxpayer.

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