Exploring when it may be appropriate to set up a trust and what form it should take.
Trusts can be used to serve a number of very specific purposes in your estate plan. However, as an estate planner, it is important to be absolutely clear on your intentions for forming the trust and what you intend the trust to achieve.
A trust can be useful for securing assets such as a family farm or holiday home for future generations, safeguarding against potential alienation or sale. In such circumstances, the trust serves as a valuable succession planning tool by ensuring that multiple beneficiaries across successive generations can enjoy the asset without fear of it being alienated or sold. In order to achieve this, the trust founder would need to set up an inter vivos trust and sell the property to the trust.
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