A Family Trust is a discretionary trust, also known as a relevant property trust. It is typically created by individuals for the purposes of holding assets for future generations. It is suitable for most types of assets, including property, cash and shares. It enables an individual, or a couple to start the process of succession planning whilst retaining ongoing control of the assets within the Trust.

Trusts are not, however, a magic solution. They come with their own challenges and features, and may not prove to be suitable to all circumstances. A trust is a complex legal construct, and a client should always seek to get expert advice before looking to set one up.

With any form of trust, there are pros and cons which must be considered; for example, winding up a trust in the future may trigger additional costs and further potential tax implications. Cornerstone’s advisers will guide you through all these considerations to ensure that you make the best, informed choice for you and your loved ones.

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If you’re a homebuyer, solicitor or agent and require pre or post-transactional advice then please contact us and one of our property tax advisors will be delighted to help.

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