Are Will trusts a good idea?
Are Will trusts a good idea?
A trust can be a good way to cut the tax to be paid on your inheritance, but you need professional advice to get it right. Always talk to a solicitor/independent financial advisor. If you put things into a trust then, provided certain conditions are met, they no longer belong to you.
What is a family trust will?
Family trusts are a common type of trust used to hold assets or run a family business. A family trust is an inter vivos discretionary trust which means it is established by someone during their lifetime to manage certain assets or investments and support beneficiaries, such as family members.
Who are the heirs of a deceased person?
An heir is a person who is legally entitled to collect an inheritance, when a deceased person did not formalize a last will and testament. Generally speaking, heirs who inherit the property are children, descendants or other close relatives of the decedent.
What is the difference between heirs and beneficiaries?
Put simply, an heir is a family member who is related to the deceased by blood, such as a spouse, parent or child. A beneficiary, on the other hand, is someone who is specifically listed by name in the deceased’s will or trust as a recipient of assets when he or she dies.
