For a trust to exist and be registered with HMRC it requires a settlement. The trust only requires £10 to place into it as a settlement. As the trust exists the rules that apply to the trust are the rules at the date it is set up and so your adviser knows the rules that will apply as it is very unusual to retrospectively change the rules on an existing trust. New rules apply “from now on”

As you may live another 20 years, with a will trust which is not settled until you die, you do not know the cost it will be to set it up when you die or the rules that will apply to that trust. We believe that is too big a risk to take.

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