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What are Trusts?๐Ÿ˜Ž

What are Trusts?๐Ÿ˜Ž

Trusts are a good way to manage how you give your money to your family. Trusts give you good control of who gets what, when , how they get it and why.โœจ

Trust are like boxes which you can put things into such as your house, valuables, cars,๐Ÿš— investments,๐Ÿš life insurance etc into a trust.๐ŸŽˆ

Everything in your trust are now owned by the trust which is managed by a trustee which you appoint.

The people who benefit from the trust are known as beneficiaries.๐Ÿ˜

Trusts can be structured in a variety of ways. You can structure your trust to release assets to its beneficiaries based on hitting a particular age, getting particular grades or anything you may wish.

There are different types of trusts, which have different objectives.

Some trusts are designed specifically to distribute your assets while other trusts are in place to ensure you save on tax.

Benefits of Trustsโœ”

Trusts have many benefits such as:

They are tax efficientโœ”
They avoid probate and confusion upon deathโœ”
They save on future legal feesโœ”
They provide a source of income for the beneficiariesโœ”๐Ÿ˜Š

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What are Trusts?๐Ÿ˜Ž
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