Can I make gifts as a Power of Attorney? It’s a common question, and the answer is yes – but there are strict rules to be adhered to. Neil MacGillivray, Head Of Technical Support at James Hay explains.
A trust is a method of managing assets. They can be used in many ways – from estate planning, minimising tax payments, to ensuring you have a pot of money set aside to pay for school fees.
Putting assets into a trust allows them to exist separately from their original owner. But why would anyone ‘give away’ control of their assets in this way?