Estate planning is the process of organising your affairs and assets in preparation for the distribution of your wealth after your death. It can also involve planning to minimise taxes on your estate, such as Inheritance Tax.
One way to do this is by setting up a trust, which allows you to transfer ownership of your assets to a third party (the trustee) to manage and distribute them according to your wishes. Trusts can be used to specify the future use of your assets, such as who should inherit them and when, or create a complex plan for distributing assets to multiple beneficiaries.
There are various types of trusts, each with its own rules and restrictions. It is important to seek professional advice from an estate planning expert, such as those at PIWA, to ensure that your estate is distributed in the most tax-efficient manner possible and that your wishes are carried out according to your desires. Our advisers can help you understand the options available and develop a plan that meets your needs and those of your loved ones.