Many people associate trusts with the aim of preserving capital from one generation to another to ensure that it is not dissipated by one particular generation. Trusts have also had the reputation of being inflexible structures which, once established, could not be amended to take into account changes in a family's circumstances.
For modern trusts, these perceptions could not be further from the truth. Today trusts, especially those established offshore, are used as a planning tool by an increasing number of professional advisers to protect and enhance the wealth of their clients. Their terms often include significant flexibility so that the trust may adapt to changes in law and taxation or a client's family situation.
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