Survey reveals low take-up of trusts

Of those with a trust, 56% have not sought legal or financial advice relating to this trust since changes in legislation were announced in the March 2006 Budget. Commenting on the findings Julie Hutchison, national development specialist – estate planning at for Standard Life, said: “The March 2006 Budget saw the biggest changes to inheritance tax (IHT) rules in a generation. Many people with existing trusts will find that the tax rules applying to their trust are not those originally envisaged, leading to some unexpected IHT bills.” Like many providers, Standard Life initially suspended...