Trust

[Meme2019]

Thinking about setting up a trust for kids should the worst happen.

I used to think trusts are only for the rich. I have family who would love and care for the kids but they are reckless with finances.

Anyone setup one, any advise.

You should speak to a solicitor who does wills who can ensure you achieve what you are trying to do. There are tax implications putting assets into trust while you are still benefiting from them. Any assets passing to your children on your death can be settled into a trust that’s created through a will or even a statutory trust that is automatically created for bereaved minors for instance. You should choose your trustees carefully as they own the assets in trust so you may want to go with professional trustees rather than any of your family.