We all want to help our children get on in life. In the past, people often expected to leave their children an inheritance after their death, but rising house prices, university tuition fees and an uncertain jobs market have all created extra pressures for younger adults. Parents may wish to help by passing down some of their wealth to their children at an earlier stage than they might have done in the past. If you are considering passing some of your wealth to your children, there are different avenues you can explore.
Passing down wealth using a trust
There are a number of different types of trust you can utilise, all with different advantages, but they can be an excellent way of passing wealth to your children in your lifetime. Trusts are flexible, enabling you to change the beneficiaries or their provisions. As the rules governing trusts are complex, it is always advisable to seek legal advice so you can make the best decision for your family’s circumstances.