At one stage trusts were very common. We have been dealing with trust administration since our firm was founded. We are still administrating several trusts which were set up not in the last century but the century before that.
Trusts are an important part of tax planning and can also be used to protect assets against care costs in the event they are incurred. Trusts are not just the preserve of the wealthy. Most of our clients have, or should have, Life Insurance, Death in Service Benefits, property and liquid assets which can, and often should, be written in trust to avoid unexpected incidents having unwanted consequences.
In some cases trusts can be used to avoid inheritance tax, capital gains liability or providing funds for people who are not able or suitable to have control of the funds directly, through age, mental incapacity, insolvency or even potential divorce.