Click on the words below to read the legal definitions of what they mean.
Disabled person's trust: A disabled person's trust is a special type of discretionary trust where a ‘primary beneficiary' is named - this would be a person who falls within the definition of disabled.
Inheritance tax: Inheritance tax is a tax that is charged at 40% on the value of your estate after your death. From April 2012 if you leave £10% of your estate to charity the inheritance tax charge on your estate will fall to 36%. Not everyone pays inheritance tax on death. If the value of your estate is more than £325,000 (the threshold in 2014 to 15) this tax is payable on your death by your executors. Since October 2007, married couples and registered civil partners can effectively increase the threshold of their estate when the second partner dies – to as much as £650,000 in 2014 to 15.
Trust: A trust is a legal arrangement that allows a person or an organisation to look after someone else's money. A trust deed is a written legal document recording the terms of the trust and officially chooses the trustees. There are many different types of trusts.