Some people decide to set up a trust during their lifetime, and pay money into it on a regular basis. They can appoint themselves as a trustee and will have control over the money held in the trust. The law considers money held in a trust as separate to that of your estate, so the value of your estate is lowered, which means that less inheritance tax is payable.
When setting up a trust there are three main people who will be involved: a settlor, a trustee and a beneficiary. The settlor puts money, property and other assets into a trust, under which they are managed by the trustee, until they are handed down to the beneficiary, after the settlor has passed away.
When writing a Will, a testator will need to include details of the trust and exactly what is to be paid into it.
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