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Trust Funds have become better known in Britain as an investment since the start of the government’s Child Trust fund initiative. Each child is now given £ 250 at birth which is invested by the parents for the benefit of their son or daughter, and topped up by the government with an additional £ 250 at the age of 7. The child can have access to the fund at the age of 18 years old.
Trust Funds can be drawn up in a wide range of different ways to provide financial support to suit individual circumstances. Trust Funds are often used by grandparents, for example, to contribute to a child’s education or upkeep, and additionally can create security where either or both parents die, or cannot provide for their children.
As well as helping to care financially for children, Trust Funds can also be tax efficient for older people, and help reduce the impact of inheritance tax. Trust Funds can also be used for the benefit of charities and are a legitimate way of contradicting the expression: “ Nothing is certain in life except Death and Taxes.” Trust funds do create tax advantages.
The wide variety of Trust Funds available means that we can select the appropriate type of Trust Fund for your situation, and help to explain the advantages.