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A bare trust (also known as a ‘simple trust’) is one where the beneficiary has an immediate and absolute right to both the trust capital and the income received by the trust from that capital.
Bare trusts are commonly used to transfer assets to minors. Trustees hold assets for a child until they reach 18. These are particularly useful if you wish to undertake some inheritance tax planning by giving away assets to children or grandchildren but you do not want them to have access to the assets until the age of 18.
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