Trust is a legal way of managing your assets whether it is investments, money, land or properties. This type of assets can legally be passed on to your chosen beneficiaries in the event of death which is way it is a major part of your financial planning while you are still alive. Trusts are being set up for the following reasons:
- To protect yours/ your family’s assets
- To legally pass on assets
- This will be used also in some instance under the rules of inheritance if someone dies without a will (in England & Wales)
This is a complicated procedure which is why a professional’s advice is needed on this.