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This guidance note explains the key reasons why people use trusts during their lifetime and on death.

Trusts are mainly used to pass assets and wealth down through the generations. Trusts have been used for many years to protect assets, control their management and to control how, when and if the assets are transferred to beneficiaries. Tax is also an important factor and trusts can be used as part of IHT planning.

For an explanation of the parties to a trust and the terms used when talking about trusts, see the What is a trust? guidance note. The Creating a trust guidance note sets out further details of how a trust is established.