Divorce and separation have been on the rise. However, there is bound to be a slow down in the rate of divorce as couples are trying to avoid the complexities surrounding how wealth would be distributed when their spouse remarries. Complexities due to inheritance have increased the number of issues that ends up in court. To avoid this imbroglio, couples are relying on Trusts arrangements to ensure their children gets what belongs to them after their demise.
What is a Trust and How Does It Work?
Simply put, a Trust is a ring fence that around how wealth should be disbursed and shared in the future. As a parent, the most effective way to ensure safe landing is to set up a Trust. With a Trust in place, it doesn’t matter if any of the surviving spouses remarries, the inheritance is still maintained and the stated distribution pattern in preserved. There is an increasing interest in couples considering Trust as a means of safeguarding their assets. Which makes Trust planning a sought after need in the UK, this is despite the posture of the government to Trust taxation.
Position of UK on Trusts
There have been calls for the government to reconsider its stance on Trust planning as it readily fits the modern-day need. Trusts aren’t new, what is new is the renewed interest by people all over the UK. Trusts are having a renaissance and people have to pressure the government to provide a structure for policy formulation towards it.
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