There are many different types of trust and each has a specific function and purpose. Some of the most popular are Will Trusts, Lifetime Trusts, and Discretionary Trusts.
Will Trusts, Lifetime Trusts and Discretionary Trusts
- Will Trusts are often used by married couples/civil partners to ensure that the family home is passed on appropriately and securely in the event of one partner passing away. In specific scenarios, Will Trusts can offer potent benefits in the area of care home costs and inheritance tax. They come into effect on death and can also be useful for protecting assets that would be passed to minor children.