Getting the process right

Despite the best efforts of the Government to destroy the trust industry, it is alive and well. It remains a valuable tool with which families, of even moderate wealth, can plan their financial affairs. However, as with everything else you have to get it right at the outset, and continue to get it right during the course of the trust so what are the potential elephant traps? First, the drafting of the document. Choose which kind of trust it is that you need; the choice is now largely between a life interest trust or a discretionary trust. Make sure that the wording is consistent with th...