1 September 2011
Royal Skandia Trust Company today announces that it has removed the annual fee of £300 +VAT for the life of any new trust that is taken out between 1st September to 31st December 2011. The offer applies to all new Royal Skandia applications received during this period that have premiums of £200,000 or more where a Royal Skandia Trust Company trust is utilised.
Trusts form a fundamental part of inheritance tax planning but can also be used for a wide variety of other financial planning solutions. According to a recent poll conducted by Skandia International*, over half (56%) of all the trust cases written by international financial advisers are used to mitigate inheritance tax liabilities (IHT). A large proportion of advisers (43%) also stated that they use trusts for asset protection purposes.
Other reasons for using trusts include complex family situations, forced heirship, avoidance of probate and of course control. With rising house prices and educational fees being key considerations for families, a trust can be used as a way of ensuring that the beneficiaries utilise the funds as intended by the person who created the trust fund.
The special offer of a waived annual fee on Royal Skandia Trust Company’s trust range will provide financial advisers and their clients with an affordable way to access the flexible financial planning benefits that trusts have to offer.
Rachael Griffin, head of product law and financial planning at Skandia International, comments:
‘Choosing a trustee is one of the most important decisions a settlor can make. Utilising an independent corporate trustee service is one way to ensure trustee duties are followed and ongoing consideration is taken of the beneficiaries needs. Royal Skandia Trust Company already offers excellent value but the removal of the annual fee for the life of the trust has just made the decision on whether to use a corporate trustee service an obvious one.’
* The survey looked to understand some of the key aspects that form part of the advice process and was conducted July in 2011, attracting responses from over 330 financial advisers from around the world – Hong Kong, Singapore, Dubai, UK, Europe, Africa and Latin America.
This press release is for journalists only and should not be relied upon by financial advisers or customers.