Trust Planning in Oswestry

Trusts are an asset for individuals with wealth to pass on, but well-considered planning is important to access their benefits. Our team at Hartey Wealth Management have more than 25 years in trust planning in Oswestry and help people put personalised trusts in place that meet their aims and needs.

Understanding trusts and trust planning

A trust is a legal arrangement allowing an owner of assets to pass them to another person.

Assets can be cash, property, a life policy or investments and those who set up trusts can plan who benefits from wealth, plus when and how. Three parties are involved in a trust, the person who establishes the trust (settlor), those who manage it (trustees) and those who benefit from it (beneficiaries). Assets are passed to the trustee who then distributes them to the beneficiaries according to the settlor’s plans.

What are the most common trust types?

While there are many kinds, the three trusts most often used are “interest in possession”, “discretionary” and “bare”. Beneficiaries of interest in possession trusts have an automatic and instant right to income, without owning capital. A beneficiary of a bare trust, however, has the right to income and capital on their 18th birthday. Discretionary trusts put trustees in control, letting them use their discretion on how the trust is managed and income and capital distributed.

Trust planning benefits that match your concerns

Through trust planning, various advantages are accessible. Planning provides peace of mind that wealth will transfer to a selected person at the correct time. For instance, many people set aside savings in a trust for when grandchildren or children reach a certain age.

Trusts also help wealth to pass more swiftly. As trusts mean that assets no longer belong to a person, upon death, the lengthy probate process can be sidestepped. Trusts can also help with inheritance tax (IHT) planning. Some trusts can decrease the value of an estate, reducing bills.

When is trust planning essential?

While trusts are valuable to a wide range of individuals, these legal agreements are critical if you have significant assets and wish to control how they are passed on to specific beneficiaries. They are also vital for business owners who want to ensure business resiliency after they have gone.

Trust planning in Oswestry tailored to your needs

Our bespoke service and substantial experience let our clients in Oswestry access unbiased professional advice to further their financial plans. To discuss trust planning in Oswestry, touch base with one of our advisers today at Hartey Wealth Management.