These trustees are then responsible for managing these assets for the benefit of designated beneficiaries. The concept of trusts is not new; it traces back to ancient times, notably mentioned in Homer’s Iliad, and gained prominence during the Crusades with the establishment of the Courts of Chancery.

However, the role of trusts extends beyond a mere historical footnote. They play a crucial part in comprehensive estate planning, alongside other critical documents like Wills or Lasting Powers of Attorney. Here are the pivotal reasons to consider incorporating a trust into your estate planning:

• Timely Protection for Beneficiaries: A trust can prevent beneficiaries from receiving assets at inopportune moments, such as during divorce, bankruptcy, or while living overseas.
• Bypassing Probate: Assets within a trust are typically exempt from the probate process. This not only speeds up asset distribution but may also offer considerable savings, especially with the upcoming changes in probate fees.
• Mitigating Inheritance Tax Impact: Trusts can alleviate the inheritance tax burden, allowing beneficiaries to access funds as needed instead of receiving a lump sum inheritance, potentially leading to tax savings.
• Safeguard Against Legal Claims: Establishing a trust can protect against claims under the Inheritance Act 1975, ensuring your assets are distributed according to your wishes.
• Preventing Unwanted Disinheritance: Trusts can ensure that family members are not accidentally disinherited due to unforeseen circumstances, such as a remarriage.