Skandia has extended its ‘Best Start in Life' trust to the UK platform in light of demand for the planning solution through the international business.
The trust is initially set up as a discretionary trust but without an immediate requirement to nominate beneficiaries or specific entitlement payouts.
Legal ownership is still transferred to the trustees and the settlor may choose to complete a ‘letter of wishes' giving guidance to the trustee on how to divide the capital.
Trustees are able to assign the assets to the beneficiary or to make an absolute appointment by creating a bare trust.
Skandia financial planning expert Phil Carroll said: "The ‘Best Start in Life' trust has proved extremely popular in our international markets, so we decided to extend this to our UK platform.
"Whilst often perceived as complicated, clever use of trusts can result in significant savings, especially for those who are conducting estate planning.
"‘The Best Start in Life' trust allows trustees to reduce the tax liabilities for the settlor or the beneficiary by using just one flexible tax-efficient solution."
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