The use of Trusts in Passing Wealth

Margaret O'Connell was recently invited to present a webinar to the Society of Financial Planners Ireland on wealth passing using Trusts.

During the webinar, I presented an overview of how trusts are used both in lifetime wealth passing and passing wealth on death.


The Webinar focussed on express Trusts, and included a discussion on bare trusts, secret trusts, fixed trusts and discretionary trusts.


There is a common misconception that trusts are only used for very wealthy individuals, however I was able to explain, giving practical examples, of how we use trusts in everyday situations.


Trusts are used for:

Transferring assets to minors.

Privacy.

Convenience where there are multiple owners.

Asset protection.

Relatives with special needs.

Safeguarding relatives and assets where there may be addiction issues or a vulnerable relative.

Relative going through a divorce or separation.

Tax planning

Generation skipping.

Safeguarding a partner in a second marriage or relationship but ensuring the assets will eventually pass to children.

The tax issues of each of the above.


Discussion of all of the above and their advantages and disadvantages were an important part of the webinar presentation. I was honoured to be asked to present to the Society of Financial Planners of Ireland as I know how important financial planning is as a part of any successful wealth planning.


About the author: Margaret O'Connell is an Associate Solicitor, a Chartered Tax Adviser, a qualified Trust and Estate Practitioner ( TEP) and is a member of STEP international.

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