Last week we talked about times in our financial lives when we might need to seek advice and times when we might not. One of the times when you should is when considering using trusts for financial planning. In this session I give you what you need to know and what you need to do to make sure you and your adviser get things right when using trusts.

 

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Using trusts in financial planning

Back in Session 22 I outlined the basics of trusts, covering how they are set up, the important parties, the powers and duties of trustees and the key benefits. This time, I want to cover the key points in your financial life when trusts are invaluable.

In this session, you'll discover:

1. A reminder of the key benefits of trusts
2. The main types of trust
3. The main reasons for using trusts
4. How to make sure your protection benefits end up in the right hands
5. How to pass money to children or vulnerable adults
6. How to save inheritance tax
7. How to make sure your second spouse's kids don't end up with your money!

Remember that trusts are a specialist legal area, one woefully underused by most advisers, let alone private client lawyers. Always seek competent professional advice on this key area.

Resources mentioned in this show:

Podcast: Session 22 - All About Trusts

Book: The bible for advisers dealing with trusts - Trustinvest from SIFA (Not actually mentioned in the show I don't think)

 

And of course there's a full transcript available by hitting the big blue button below:

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